Tettenhallian 2010 by Purely Creative

The Tettenhallian

2010

Governors and Staff

Tettenhall College Tettenhall College Chairman J Woolridge, CBE, BSc

Vice Chairman Rev Preb G Wynne, CMTh, BSc, BD,AKC

Council of Governors Mrs C Baugh P Brough, BA Mrs L Cooke, BA P H Creed Esq Mrs C Hammond BA

Mrs H L Hawkins, FCIPD,MSc Mrs V Jones Mrs D Margetts Mrs J Parker, SRP, MCSP, JP J Rice Esq

Prof R E Smallman, CBE, BSc, PhD, DSc, F Eng, FRS G Sower, BA M J Whild, BA, Dip Arch RIBA

Headmaster P C Bodkin, BSc, PhD

Deputy Head H R J Trump, BA

Head of Lower School P J Kay, BA

Assistant Staff J Bullock, BSc P J Bullough, BA Mrs C Cooper, BSc Mrs H Compain-Holt, MA J T Dyer, BEd R J Ellmore, BSc P G Evans, BSc T Foster, BA Mrs E J Gwilt, BSc J D Higgs, BA Ms C Hope, BEd M T Jackson, BEd

Mrs A Y J Jarman, BA Mrs P Jones, CertEd, Dip RSA SpLD Miss J Kendle, BA S L Lawrence, BSc R M Leighton, BA Mrs M Lofting, BA MA A R Mottershead, BEd, PhD Mrs A Nash, ACIB Mrs V M O'Neill, BSc R Parry, BSc, MA G J Raine, BA Mrs A A Ridyard, BA

Mrs R K Samra, BSc Mrs D E Spencer, BEd Mrs C A Squire, BA Mrs D Stone, BA, Dip TEFL, MEd Mrs K Stone, BA Mrs J L Taylor, C in E Ms L Teulé, BA Miss M D Uttley, BA I F Wass, BEd Mrs C E Whiting, BSc, BEd Mrs G O Whitmore, BSc C Woodward, BA, SpLD

Clerk to the Governors M J Kilvert Esq

Bursar S P Howard, FCMI, FIH

Medical Officers Dr J J Bright Dr A Williams

School Nurses Mrs C Wagstaff, RGN

Mrs S Philpott, RGN

O T Liaison Officer L N Chown, MA

Headmaster’s PA Miss A Addison Mrs N Phelps

Librarian Mrs D Liddle, BA

Visiting Teachers Dr R Anderson (Oboe) Mrs E Coleman, C in E Mrs L Cooper, C in E, Dip SpLD Mrs S J Daniel, BA, CT, ABRSM Mrs I Fowell, BEd Mrs J M Hislop, BEd, Dip.SpLD, CPSE, CELTA

J Hood, (Percussion) Mrs J Lewis, BEd (Strings) Mrs D Manasseh, BA LRAM (Flute) W D Peacock,ISTC, MSTA, Dip Sp, Psyc. (Swimming) A Powis, LTCM (Clarinet/Sax)

Mrs K Priest, (Dance) Mrs V Sumner, ARCM (Piano) J Taylor, BMus, FRCO (CHM), GRSM, LRAM, ARCM (Piano/Organ) Miss S Thomas (Voice) J Westwood (Guitar)

Contents Headmasterâ&#x20AC;&#x2122;s Foreword

Tribute to Peter Bodkin

Comings and Goings

The Drive School Head of Drive School Report A Year in the Life of The Drive School: Highlights from the Autumn Term Highlights from the Spring Term Highlights from the Summer Term

8 9 13 16

Lower School Head of Lower School Report Art, Design & Technology French Cafe Harvest Festival Half Term Concert Reading Week House Themed Week Cranedale Field Trip

26 27 29 29 29 30 30 32

Sport: Athletics Cricket Cross Country Football

33 33 33 34

School Council The Musical: The Book Chess Club Alton Towers Charities

34 35 37 37 38

Upper School Academic: Art, Design & Technology Business Studies & Economics Drama & Performing Arts Geography English as a Foreign Language History Mathematics Modern Foreign Languages Music Science Science: Visit to NASA

40 44 45 50 51 52 58 58 59 63 64

Sport: Athletics Cricket Football Hockey Netball Rounders Rugby Swimming Tennis

65 66 67 68 69 73 74 75 75

Cross Curricular Days: Berlin Wall Thinking & Learning Day

76 77

Sixth Form House Reports School Council

79 81 82

Extra Curricular Activities: Students get ahead in Engineering Visit to Thorpe Park & The Globe Theatre

83 83

Boarding Houses The Musical : The Drowsy Chaperone A Year in the Library Charities Around the School Grounds Parents' Association

84 88 93 95 95 96

Old Tettenhallians Club Letter from the President Message from the Chairman of Committee Where are they now? Letters from O.T.s The Headmasters of Tettenhall College O.T. Club Functions Golf Society O.T. Club in Hong Kong O.T.s in the Local Press Lives Remembered

98 99 100 104 106 109 111 112 113 114 3

Headmaster’s Foreword

P C Bodkin, BSc, Phd In the name of educational reform, government has often confused structure with purpose, measurement with accomplishment and compliance with commitment. Fortunately, at Tettenhall, we have a broader vision for what makes a great school and these characteristics were applauded by the inspectors who visited us in March. These include: a distinctive ethos, a clear statement of the aims that define the ethos, strong governance and management, skilled and committed staff, teaching that fosters learning and enjoyment, pupils who are engaged with energy and enthusiasm and high quality outcomes inside and outside the classroom. I congratulate everyone associated with the school on the excellent report which can be read in full on the school’s website www.tettenhallcollege.co.uk The following pages of this magazine provide a flavour of the wide range of opportunities that the inspectors enjoyed and that encourage our pupils to become lifelong learners with the capacity for creative and independent thought. Many of the activities complement the application of these skills by promoting self-belief, character and encouraging pupils to make a positive contribution and to show leadership. Also, they help individuals understand how to be happy and to recognise the importance of the spiritual, moral and cultural dimensions of life. News of the achievements of former pupils in the O.T. section of the magazine illustrates that an education at Tettenhall is not just a temporary phase along life’s long road. The attributes embedded at school do not fade away. They grow further and provide the foundations that enable previous generations to continue to make a contribution and to make a real difference. A new team has been responsible for the design and production of this year’s publication. I thank all members of the team and all the contributors from the school and the O.T. Club. My special thanks go to the Editor for her outstanding work in co-ordinating and presenting the story of a school year in such an imaginative manner. By the time that you read this, my successor Martyn Long will have his feet under the table. It has been my privilege to be Head at Tettenhall these past 16 years. I have enjoyed every minute and I am hugely grateful for the warm support that I have received from pupils, parents, staff, governors, Old Tettenhallians and many other friends of the school. For all the wonderful facilities and surrounding environment, there is nothing more important to the success of a school than the quality of the relationships. It is the people involved that make Tettenhall a very happy and special school. I wish everyone at Tettenhall every happiness and success in the future.

Tribute to Peter Bodkin Nothing can be more daunting than interviews for a new head at Tettenhall. So much hangs on the tale which will later be told. I speak, not of the candidates, but of the Governors who interview. Yet when Dr Bodkin applied for the position of Head, his presentation - of the vision he had for Tettenhall - was comforting to us, and he was the obvious choice in a good field of applicants. He sketched out a development plan which would see later the building of Lower School, the arrival of The Drive on College grounds, and then additions to Jack’s block and new science labs. And Peter is a builder. Tettenhall College has grown under his guidance, in confidence and achievements. A natural principal he developed a cohesive staff, giving delivery of an excellent product. Jane and Headmaster were parents of pupils at the College, and the relationship with our parents was further enhanced by Peter’s direction – firm, yet caring, fair but reasoned. His marketing skills will be sorely missed, and his many other attributes will no doubt be put to further use as he travels the country helping other heads in their varying difficult tasks. Peter is a natural teacher. Some heads spend much time in the class room; that was not his way. Knowing every pupil, from the nursery to the leavers, (and beyond), his concern for their development is palpable. He teaches by example, the best sort of teacher there is. We wish him and Jane well in his new role. Rev. Preb. Geoffrey Wynne (Vice Chairman Tettenhall College Governors)

Comings and Goings Miss N Minaker Miss Minaker, a graduate from the University of Wales joins us to teach Psychology in the Sixth-Form. She will also assist in the teaching of English as an Additional Language to our international students. Her extra-curricular interests centre on drama. Mr D Groom Mr Groom moves from Ludlow College where he was Head of Department to teach Business Studies and Economics. He has also held pastoral and teaching roles in two other SixthForm Colleges. His extra-curricular activities include badminton and coaching and refereeing football. Mrs D Kane Mrs Kane joins the team at The Drive School where she will initially teach in Year 1. A graduate in English from the University of Liverpool, Mrs Kane’s teaching career to date has centred on The Dower House School where she has also had managerial experience. Dr M Lawley Dr Lawley has taught Mathematics at Tettenhall since January 2010 as cover for a maternity leave. He joins the permanent staff this September. He has a first class honours degree in Theoretical Physics and Applied Mathematics from Birmingham University. Recently, he has been awarded a PhD in Theoretical Physics. He also enjoys playing and watching a wide range of sport. We welcome these new members of staff and their families to Tettenhall.

Dr A Mottershead 1974 ~ 2010 Dr Mottershead retired at the end of the Summer Term on the completion of 36 years’ distinguished service to the School. His expertise in the classroom has been appreciated by generations of Tettenhallians. Initially, he taught some Geography in parallel with Economics but it was in the Business Studies and Economics Department that he really made his mark. These subjects have been, year in year out, two of the most popular options and the department has gone from strength to strength under his leadership. As the author of books and as a leading examiner, his academic influence has also extended way beyond the boundaries of the School. His contribution to the wider aspects of school life and his energy and enthusiasm have been immense. His pupils have been grateful for his support as their personal tutor or when he was a Form Teacher. He held various positions on the Senior Management Team where his colleagues valued his advice. He coached both the 1st XI football and cricket teams, built sets for numerous school productions and contributed in many other fields outside of the classroom. Former pupils always ask after him and the O.T. Club honoured him with the role as their President in 2009. We wish him and his wife, Sheila every happiness and success for their retirement in Somerset. Mr A Dyer 2006 ~ 2010 Mr Dyer was appointed to teach Mathematics in Upper School in September 2006. He has proved to be a skilful practitioner and a knowledgeable and enthusiastic coach of Rugby. His pastoral work has been appreciated by the sixth-form and he has risen to new challenges during his time with us. These include running in the London Marathon and making a memorable debut in a leading role on stage in “Midsummer Night’s Dream” last Christmas. He moves to be Head of Mathematics at Yarlet Preparatory School.

Miss A Dickinson 2002 ~ 2010 Miss Dickinson worked with Year 1 throughout her career at Tettenhall. Her expertise in PE and Swimming in Key Stage 1 was also much appreciated. The children’s response to the Sports Days and Holiday Club activities that she organised for The Drive School always indicated how much they enjoyed them. We wish her well in completing her Masters degree and for her forthcoming marriage to Mark Davies, an Old Tettenhallian. Miss J Kendle 2008 ~ 2010 Miss Kendle taught Psychology at AS Level to the Lower Sixth. A mark of her success is that the course is being extended to include A2 for the Upper Sixth with effect from September 2010. She moves to a fulltime post at Wolverhampton Girls’ High School. We thank these colleagues for their work and wish them all every happiness and success in their new challenges.

The Drive School

The Drive School Report for Academic year: September 2009 – July 2010

Members of staff Head of The Drive School Report Head Mrs S. Fisher, B.Ed (Hons)

Staff Miss C. Belcher, FDE, Level 5 Miss S. Jassal, NVQ 3 (Childcare) Mrs N. Claxton , Btec Mrs H Mann NNEB. Mrs F. Dalby, NVQ 3 (Childcare) Miss N. Parkes, Btec Miss A Dickinson BSc, PGCE Miss K. Searle, Btec Miss R Harrison Btec Mrs C. Squire BA,PGCE Miss C. Hope B. Ed (Hons) Miss J. Turner, NNEB

Visiting Teachers Mrs L. Cooper, C in E, Dip SPLD (Learning Support) Mrs. S. Daniel (Piano) Mr J. Hood (Percussion) Mrs J. Lewis, C in E (Strings) W. B. Peacock, ISTC, MSTA, Dip. Sp. Psyc. (Swimming) Mrs. K. Priest (MA SD) – (Dance) Miss S. Thomas (Voice) Mr J. Westwood (Guitar)

This year The Drive School Report takes on the theme ‘A Year in The Life of The Drive School’ with our activities shown through a series of monthly photographs. 'A picture can say a thousand words'; clichéd, but true. The monthly ‘montages’ of photographs go some way to reflect the level of activity that takes place in The Drive School – every minute of every day! The photographs reflect the provision we make for the young children in our care, from two years old to the age of seven, and show how the early childhood curriculum we provide is underpinned by sound educational principles and values whilst allowing for creativity, communication and play in the children’s learning. Above all, it is the people involved in The Drive School who make it a special place. I would like to take this opportunity to thank everyone who has contributed to the life of The Drive School in any way during this academic year, but especially the children, their parents, the staff and the Governors. It is because we all work together towards the same goals that we have created a friendly, family atmosphere where every child is uniquely valued and cared for. It is this ethos that makes The Drive School such a special place to be! Sarah Fisher

Autumn Term A Year in the Life of The Drive School Highlights from the Autumn Term French Themed Week In the week commencing 28th September The Drive School held a ‘French’ week. The teaching staff organised many French- based activities, including making models of the Eiffel Tower, studying French artists, and language learning activities. Sonia Humphries, the Catering manager for Sodexo, our in-house caterers, organised a French menu at lunch time throughout the week and decorated the dining room for us. She also provided a French Café each day with hot chocolate, croissants, pain au chocolate and pain au raisin. Mrs. Compain-Holt, from the Upper School Modern Languages Department came to read stories in French to Reception, Year 1 and Year 2. Mrs. Whiting from Lower School came to teach the children some French songs: ‘Heads Shoulders, Knees and Toes’ in French was a firm favourite amongst the children. During French Week, the children in Year 2 particularly enjoyed participating in a variety of activities. They learned about the life of Louis Braille and focused on colours, numbers, my family and parts of the body, through songs and games. They also produced drawings of the Eiffel Tower on the computer and a version of Monet’s ‘Water Lilies’ using pastels and tissue paper. Year 2 presented an assembly on the Friday morning, which reflected the diverse nature of the activities that had taken place. On the Friday evening, we finished the week with a themed French party organised

by the Parents' Association. We were overwhelmed by the response! We hosted 43 three adults and 46 children. Everyone was filled with enthusiasm during that week and this created such a fun atmosphere for our enriched curriculum.

Charlotte Bouzar’s mother reads a story in French to Reception

Nursey’s Eiffel Tower

Theodore Bailey places his order in the French cafe

Karam Mahal - building the Eiffel Tower

Reception in French fancy dress

Harvest Thanksgiving On Thursday 1st October we held our Harvest Thanksgiving Service in the newly refurbished chapel. There was a lovely family feel to the service. Mr Parry, the new school chaplain, led the service and Miss Hope taught the children a new harvest Hymn which they performed beautifully for the congregation. We raised over £130 for Water-Aid.

Autumn Term that have been purchased with Parents' Association funds. Extreme Tennis The children in Reception, Year 1 and Year 2 participated in a taster session. They had great fun practising basic racket and ball control skills. We now have a number of children who participate in individual coaching sessions or in the Extreme Tennis extracurricular club which runs on a Monday after school.

Kindergarten harvest sunflower seeds

Scholastic Book Club We are always encouraging children to enjoy reading for pleasure. The Drive School now participates in a Book Club run by Scholastic. The club offers a wide range of books to suit all tastes and abilities. Parents purchasing books are also supporting our school as we receive free extra books for our classrooms and the library with every order placed. Author Visit The Author Shoo Rayner came into school to share some of his books with Year 1 and 2. All the pupils enjoyed listening to him read extracts from his spooky stories. He also talked about how he thinks of ideas for his stories and creates the characters.

Year 1 Geography In Year 1 geography lessons the children looked at the local environment. On Friday 16th October, they walked around Tettenhall village identifying the main features and changes that are occurring. High Street Visit On Monday 30th November, as part of their topic ‘My Neighbourhood’, the children in Reception went for a walk along Tettenhall High Street. During the walk the children discussed the importance of road safety. They also looked for specific landmarks such as post boxes, zebra crossings, road signs and buildings of interest. This was also an opportunity for the children to wear the new high visibility jackets

Berlin Wall Day Mr Leighton in Upper School organised a ‘whole school’ event recreating the events surrounding the demolition of the Berlin Wall. The whole school raised £316.75 for the charity ‘Children of Peace’, £62 of which was donated by The Drive School. Children decorated boxes which then formed bricks to build a wall which represented the Berlin wall. The boxes were painted grey on one side to represent the ‘East’ and were brightly coloured on the opposite side representing the ‘West’. The children were issued with identity cards and passed through a checkpoint, complete with guards and dogs, before passing through the wall. This was a fantastic way of bringing history to life for children of all ages.

Joseph Brookes (Reception) holds his Berlin Wall brick box

Year 1 and 2 author visit

Macy Bailey holding her pass that gives her freedom to the West

Autumn Term

Year 2 queue to pass through the wall from East to West

'P' Day for Children in Need For Children in Need day, the children came to school in ‘P’ for ‘Pudsey’ outfits! There were some amazingly creative outfits: pirates, princesses, police, professional footballers, Peter Pans, Power Rangers, Pudseys, pink outfits, pyjama outfits, pussy cats, P.E. kits, a penguin, a parrot, a physician, a pumpkin, a pilot, a person and even Paddington Bear! Members of staff were also equally creative and came dressed as pirates, pixies, pink ladies and Penelope Pitstop, whilst others were seen still in their pyjamas! Thank you to Miss Belcher for organising the activities throughout the day, including the 5p Pudsey Collage, Pudsey scratch cards and Guess the Sweets in the jar. Kindergarten dressed for ‘P’ Day! Nursery dressed for ‘P’ Day!

Year 1 dressed for ‘P’ Day!

5p Pudsey

Autumn Term Christmas Shoe Box Charity Appeal: Samaritan's Purse Thank you to parents and children for the response to The Christmas Shoebox Appeal. We totalled 103 shoeboxes; well over half of these were kindly donated by Drive School parents/children. These boxes were collected by the charity to be delivered to children across the world who Father Christmas can’t find!

Christmas Performances The Drive School Christmas performances took place on Friday, 4th December. Nursery’s performance was a Christmas Sing-a-long. Kindergarten and Reception performed ‘Shine Star Shine’. Reception children took on the main roles whilst Kindergarten girls dressed as angels and the boys as stars. Year 1 and 2 pupils performed

Samaritan’s Purse ‘Love in a Box’ Appeal

Dear Santa Year 1 wrote letters to Father Christmas and visited the local Post Office on Friday 27th November. They each brought along 30p, in the correct change, so that they could purchase their own stamp independently.

Charles Thomas posts his letter to Father Christmas

Penelope Poole (Reception) as Mary

their Christmas Production of ‘Babushka’. Babushka is a Russian lady who cleans her house all day long to stop herself from noticing how sad and lonely she is. She is so busy cleaning that she fails to notice beautiful things going on around her – a new shiny star, an angel in the sky and an exciting message spread by three kings. She then travels on a journey meeting people in need and by the time she reaches Bethlehem, she has learned a valuable lesson as well as filling an empty place in her heart. I would like to express my thanks to The Drive School staff whose hard work was evident in the quality of the performances that were seen from children as young as 2 years old through to 7 years old. It is so easy to forget just how young the children are when they are standing on the stage performing and singing with such confidence and enjoyment! The selfesteem demonstrated by the children is a reflection of the caring way in which the members of staff of The Drive School support and encourage confidence in the children.

Early Years Christmas performance

Theatre Visit On Friday 11th December, Reception, Year 1 and Year 2 visited The Place Theatre in Oakengates to watch the stage production of 'Snow White'. On the same day, Nursery and Kindergarten had Santa come to have breakfast with them and they all dressed as fairies and elves. A very happy end to the term! (Thank you to Peter Thwaite – he knows why!)

Kindergarten Pixie and Fairy Christmas Extravaganza

Spring Term Highlights from the Spring Term Animal man visits Nursery On Wednesday 13th January Nursery were visited by the Animal Man to support the term’s theme, ‘Stamp, Slither and Splash’. Mr. Pearson brought in a variety of small animals/reptiles, i.e., owls, frogs, foxes and snakes for the children to learn about and explore.

Year 1 in the Victorian nursery

Year 1 Shugborough Hall As part of their History topic ‘What were homes like long ago?’, Year 1 visited Shugborough Hall on Friday 29th January to take part in a ‘Washing and Cooking’ activity day.

Oliver Lloyd holds a giant spider

Year 1 visit Weston Park As part of a History topic ‘Toys from the Past’, Year 1 visited Weston Park on Friday 8th January to take part in an ‘Old Toys’ activity day. The children dressed up in ‘posh’ Victorian

Benjamin Lloyd tries ironing Victorian style

children’s clothing and played with both indoor and outdoor Victorian toys – interesting in the snow! They visited a Victorian Nursery and participated in a craft workshop making a Victorian style spoon puppet.

Alexander Matchett tries out a Victorian rocking horse

Let’s make a noise Kindergarten topic for the first half of term was ‘Let’s make a Noise’. The children made lots of musical instruments and also experienced lots of the school's instruments. The children thought about different sounds and the music that they like to hear. Their role play corner was a recording studio where they made up their own songs as well as singing the ones that they were already familiar with.

Year 1 R.E. : Baptism Reverend Millichamp came to visit Year 1 to demonstrate how babies are baptised.

Harry Evans and Samual Gregory (Kindergarten) making music

Kenya White using a Victorian mangle

Samaritan’s Purse ‘Love in a Box’ Appeal

Spring Term Around The World in Kindergarten Kindergarten’s topic in the second half term of term was entitled ‘Around our World’. They set up the role play corner as an airport and made passports for when they visited different countries. On their travels they visited Spain, India, Africa, Australia and the Netherlands as well as Great Britain. Mrs Pahal (Priya’s mummy) made samosas and talked about India, bringing in clothes and photographs for Kindergarten to see. Finley Boss’s mummy came in to talk about The Netherlands. She read familiar stories to the children in Dutch. Later, Kindergarten turned the role play corner into a London bus and travelled around London visiting places of interest. To end their topic the staff set up Kindergarten as The Ritz and had a tea dance, serving the children tea in china cups! Harry Gordan (Y2) with Paul Gooderham of Gailey Pottery

Year 2 Clay Workshop On Friday 12th February Year 2 worked in clay with Paul Gooderham on the Art project called 'Can Buildings Speak?' which is linked to the identity of the school and its buildings. Paul Gooderham has been an artist/potter for 30 years. As well as running a successful internationally recognised studio pottery business at Gailey in South Staffordshire, he also visits local schools in his capacity as 'artist in residence'. The work produced is created entirely by the children themselves; each child produced a clay tile based on relief textures.

Pilot Joseph Peakman flies Kindergarten’s role play plane

Jorgah Herbert (Reception) a scientist in the making

Jungle explorer - Nursery

Another Reception scientist at work

Years 1 – 6 Kinetic Theatre Company Visit On Wednesday, 3rd February the Kinetic Theatre Group visited the school to perform an exciting science based show called ‘Down to Earth’ in the Towers Theatre. Barnado's The children had a visit from the Barnardo’s charity representative for the area, who explained to the children the type of work carried out by the charity. During the week commencing 22nd February the children took part in a fund raising activity called ‘Barnardo’s Big Bounce’ as part of their P.E. session.

Drive School Council Cake Sale Year 2 School Council organised a cake sale on Friday, 5th February for the charity of their choice: Haiti. The children organized this event themselves and all the children in The Drive had the opportunity to buy a cake during the morning. Year 2’s cake sale raised over £77 for the children of the Haiti earthquake disaster.

Sports Relief Day Every child in The Drive School, even our 2 year olds, participated in a one mile walk for this year’s Sports Relief on Friday, 19th March.

Y2 cake sale

Spring Term World Book Day: Themed Week The week commencing Monday 1st - Friday 5th March was ‘Book Week' in The Drive School. Throughout the week each year group focused on a picture book, took part in library activities and dressed up as a book character. Members of staff, governors, parents and grandparents read picture books to groups of children throughout the week. I must first express my thanks to the number of people who gave up their time to come to read to the children in The Drive School: • Mrs Taylor (Girls PE) read to Reception • Mrs Hawkins (Parent Governor) read to Reception • Mrs Jackson (The Housemaster’s wife) read to Nursery • Mr Howard (Bursar) read to Kindergarten and Year 1 • Mrs Hall (Morgan’s mummy) read to Year 1 • Mrs Ridyard (Head of English) read to Reception • Mrs Whiting (Year 3) read to Year 2 • Mrs Lloyd (Oscar and Ben’s mummy) read to Nursery and Year 1 • Mr Parry (Chaplain) read to Year 1 • Mr Trump (Deputy Headmaster) read to Nursery •Mr Bullock (Head of PE) read to Kindergarten • Mrs Spencer (Head of ICT) read to Reception and donated some Winnie the Pooh books to The Drive • Mrs Stone (EFL) read to Year 2 • Mr Dyer (Upper School Maths) read to Crèche • Mrs Jones (Director of Studies) read to Kindergarten • Mr White (Kenya’s daddy) read to Year 1. • Mr Leighton (Head of Art) read to Year 2 • Amelie Holland’s granddad read to Nursery • Dr Bodkin read to the Lower and Drive School during joint assembly in Chapel. Thank you to all of these volunteers who so willingly shared stories with the children and in doing so promoted the development of good language and listening skills. A special thank you to the men amongst them, who also promoted positive male role models; research has shown the

importance of male role models on children’s attitudes to learning, most especially the positive impact upon boys. A Scholastic book fair was also open before and after school throughout the week. On World Book Day children in Kindergarten and Reception received book packs from ‘Book Start’ and ‘Booktime’.

Nursery dressed as book characters

Year 2 dressed as book characters

Nursery dressed as book characters

Year 1 dressed as book characters

Year 2 visit the Black Country Museum Year 2 visited The Black Country Museum on Wednesday 24th March as part of their History Topic on Victorian Children. During their visit they experienced different lessons in a Victorian classroom. The children also went down a mine to find out what it was like for Victorian working children. They also focused on life in Victorian times through visiting different types of shops and homes. The pupils also had the opportunity to play with some Victorian games and toys, which they discovered required a lot of skill! Year 2 at the Black Country Museum

Summer Term Highlights from the Summer Term Indian Themed Week In the week commencing Monday 24th May we held our third themed week of the year on ‘India’. During the week the children participated in a number of school-based activities led by parents, teachers and Mrs Liddle, the School Librarian. This included an assembly led by two parents, Mr and Mrs Basi, in which they demonstrated Indian musical instruments. Sodexo, the school catering company prepared a special ‘Indian’ menu on Wednesday 26th May. In Nursery the children dressed up in saris. Parents came in and made chapattis and rangoli patterns. The children also participated in two workshops: Punjabitots - A language skills enhancement class teaching basic Punjabi words, the Punjabi alphabet, numbers and Punjabi songs in a funfilled environment. They incorporate basic yoga stretches and movements from which children can benefit. Indian Culture Workshop – A workshop, run by Wolverhampton Equality LA and Diversity Service, involved Bhangra dancing, stick dancing, clothing demonstrations and a cookery class making chapattis.

Making Rangoli patterns in Kindergarten

Angus Hamilton (Y2) in the Indian cookery worskshop

Libby Hawkins and Rhia Kulair (Reception) in the Indian dance workshop

Serina Basra and Amrit Aujlay (Y2)

Punjabitots - Kindergarten

Rajan Matharu (Reception) serving in the Indian restaurant

Summer Term Year 2 - Coalport China Museum Years 2 and Year 3 went to see the rich colours, bright glazes and exquisite decoration of The National Collections of Caughley and Coalport china in the magnificent old Coalport China works. They experienced demonstrations of traditional ceramic techniques which revealed the secrets of ceramic production. They took part in a creative workshop and had a go at a range of ceramic techniques, decorating a pot with their own design.

Bring a Bear to School Day On Tuesday 8th June, the children brought in their bears and a £1 donation to raise money for Action Research. Mrs Liddle organised a range of activities for the children.

Bring a Bear to School Day - competition winners Coalport China Museum visit - Y2 and Y3

Year 2 Prizegiving Year 2 Prizegiving was held at 4.00 pm in the Chapel on Thursday 27th May . Thank you to Mrs Margetts for presenting the prizes. The children performed songs, poetry, recorders as well as instrumental and vocal solos.

Y2 Prizegiving - David Naylor receives his prize from Mrs D Margetts

Y2 Prizegiving recorder group

From Favourite Stories to the World Cup! Kindergarten’s topic in the first half of term was ‘Favourite stories and Rhymes’, which involved dressing as their favourite book character. They went down onto the sports field and cricket pavilion for the morning and had a picnic lunch. In the second half of term, Kindergarten focused on the World Cup in South Africa and made up their own football teams. They followed the matches played and kept a wall chart with all the results. Reception visit the Sealife Centre Reception children visited the Sea life Centre in Birmingham where they took an amazing marine voyage beneath the waves. They held a crab and touched a Reception at the Sealife Centre

starfish in the Rock Pool Experience! They saw over 60 spectacular displays and over 1,000 creatures including sharks, seahorses, otters and rays. They enjoyed a visit to the 4-D cinema with films that they could feel and even smell; this proved so popular, a second viewing was essential! The highlight at the end of the visit was watching the children walk through a 1million litre underwater tunnel full of sharks and tropical fish. The ‘awe and wonder’ of the visit was evident on their faces when they saw the UK's first hammerhead sharks and met the largest residents, two enormous giant sea turtles - Molokai and Gulliver.

Summer Term Summer Concert – Humpty Dumpty All of the children in The Drive School, including the Butterfly Group from the Nursery, performed brilliantly in our end of year Summer Production of ‘Humpty Dumpty: was he pushed or did he fall?’. The musical took an enjoyable judicial look at how Mister Dumpty fell off the wall. The musical was set in a courtroom, where we met the Plaintiff, Judge, Jury and Witnesses. The children sang eight catchy songs and performed several dances.

Organic sheep - in Humpty Dumpty, our Summer Concert

Sports Day All the pupils in The Drive School enjoyed taking part in our sports day. The weather was lovely and everyone took part in a running race and novelty race. Even our two year olds bravely completed the ‘toddle to a parent’ race. It was all good fun in the sunshine racing against our peers – happy smiling faces were seen throughout the afternoon!

Key Stage 1 - Sports Day dribbling event

Year 2 visit Jackfield Tile Museum At the Jackfield Tile Museum the Year 2 children wandered through the original gas-lit trade show room, galleries and period room setting. They could see, touch and even walk on magnificent British tiles. The galleries showed them exquisite examples of individual tiles and period room settings depicting various locations that would have been decorated with tiles. They walked through an Edwardian Tube Station, the bar of a hotel, a children's hospital ward and a 1930s 'front room'. In a special workshop, the Year 2 children learnt about the tile decorating technique known as ‘tube lining’ or ‘slip-trailing’. By the end of the experience they had produced a 6 x 6 inch tile featuring their own flower design and choice of colour. Y2 Jackfield Tile Museum visit

Summer term The Missing Teddies of Tettenhall: Thinking and Learning Day Thinking and learning Day was set up to provide a safe, creative environment and play situation where thinking could be sustained. It was about encouraging children to learn to think for themselves, learning through real situations in a highly motivating environment. We were encouraging the children to use ‘critical thinking’ in the form of enquiry, information processing, reasoning, evaluation, problem-solving and creative thinking. The Day was called ‘The Missing Teddies of Tettenhall’. Every day a teddy bear had disappeared from the village of Tettenhall. No one knew what had happened to the missing teddies. When Mrs Liddle (The College Librarian) came to the Drive School for a story time she saw footprints in The Drive School Garden. She asked the children if they felt brave enough to follow the footprints… The children acted out travelling on a long and dangerous journey – crossing a huge pond, walking through a spooky forest, climbing a mountain before coming to a house where they found a creature with …

Kindergarten meets the Gruffalo!

Picnic with the Gruffalo!

• • • • • • •

Nursery brave the Spooky Forest

terrible tusks terrible claws terrible teeth terrible jaws knobbly knees turned out toes a poisonous wart on the end of his nose • orange eyes •black tongue; and • purple prickles on his back! It was the GRUFFALO!! He was surrounded by the missing teddies! At first the children ran away from the Gruffalo until they realised that the

Gruffalo was crying. They bravely asked him why and he explained that he wanted to go to a teddy bears’ picnic with the children. The children invited the Gruffalo to their picnic and the Gruffalo said ‘Sorry’ ! The brave children of The Drive School had made sure that the teddies of Tettenhall were safe once more!!! The children and the Gruffalo walked through the woods together and enjoyed a lovely picnic in the sunshine! This was a very exciting way to end the term. Thank you to Mrs Liddle and Mrs Gallant for organising the day and a special ‘Thank you’ to Richard Williamson (He knows why!).

y r e s r Nu Gallery icture

Nursery on a Spring wa

Charles Wynne handpa

Tiffany Poole - self portrait

Olivia Tomlinson - gloo 20

inting

obins Nathaniel R

on planting

p play! M

Louis Brookes

enjoying fr arc Hobieka

ee flow play

n e t r a g r e d n Ki re Gallery Pictu

Creative activity Karac Oldman and A

lexander Higgs

Harry Brookes Kindergarten graduatio n

Kindergarten tea party

Isla Memeie

Autumn walk

Letâ&#x20AC;&#x2122;s go fly a

kite!

n o i t p e Rec Gallery icture

Ryan Hamad and his

pebble pet Aoibheann Oâ&#x20AC;&#x2122; Neill an d mud testingJoseph Brookes

Big block building

Happy Diw

ali!

man - 3D Kate Wood

shape work

David Morris-Wynter

- physical activity

Making healthy choices

David Morris -Wynter 22

vetinerary surgeon! Easter egg

hunt

2 d n a ery 1 r a e Y e Gall r u t c i P

Rock climbing

Measuring class

Toy Swap Sho organised by Y2 p

Mia Price Design & T

echnology

ppets Y2 with their Easter pu

Max Ward (Y1) mas

k painting 23

2 d n a 1 r a e Y e Gallery r u t c i P

ng Y2 School Councistilmsoasrtipost the Chr

Y2 French artwork

Gurnam Hallaith Clay Workshop (Y2)

Y1 Victorian boys 24

Y1 Victorian girls

Lower School

Lower School Report for Academic year: September 2009 – July 2010

Head of Lower School Report Another very busy, but ultimately extremely successful year has been and gone and once again I find myself with the near impossible task of trying to sum up these successes and thank everybody involved in just a few paragraphs. In this day and age of celebrity culture, where children are more than ever exposed to the dream of becoming ‘famous,’ it is important that as providers of education we ensure that each pupil receives a good academic foundation on which to build in later life. In addition we must also continue to offer opportunities for children to experience and develop in ways beyond the classroom. As such I was delighted that the Team of Inspectors who visited us in the Spring Term confirmed that we are fulfilling both of these requirements to a high standard. Children’s academic progress is good and the opportunities for extracurricular development are excellent. I would like to take this opportunity to thank my staff personally for the professionalism and dedication they have shown over the last academic year. In particular Mr Wass deserves a special mention for the magnificent musical and drama events he has organised throughout the year. Once again I am indebted to the Parents' Association for their continued efforts to support the school through a variety of fund raising events. This is never better illustrated than by the huge team effort that is the Lower School Musical. Many parents spent hours building sets and making costumes, for, what was arguably, one of the finest productions for many years. The following reports will remind some of you of the events that your children participated in this year and also provide a guide to others who are maybe not so aware of all that goes on in Lower School. I hope you enjoy reading the varied reports, many written by the children themselves. I continue to be extremely proud to be associated with such a successful school and such hard working and friendly pupils. There are certainly challenges ahead, but we are fit and ready to face them. Philip Kay

Lower School Art, Design and Technology Autumn Term The year got off to a musical start as Lower School prepared for their annual concert. This year the theme was Michael Jackson. Lower School artists got the job of painting huge images of the pop hero to be put on display during the concert. Large portraits and song titles were carefully completed creating a dramatic backdrop to the singing.

Design and Technology Year 5 made some real working toys using a cam mechanism. These varied in theme from guitar players to moving boats and flying Santas ! Year 6 enjoyed making Animal Shelters from wood and card, using Pets Corner as an inspiration.

Edward Beech creating his animal shelter

Spring Term As Spring Term got underway Year 6 turned their hand to sewing, creating some great novelty slippers . Pupils attending Art Club on Monday lunchtimes made some kites. Using pen and ink they illustrated each kite with images of dragons, before adding a long tail made from string and tissue paper. These were displayed in the foyer complementing the colourful Year 6 bird sculptures. Year 5 made some expressive masks and Year 6 Spring hats were of excellent quality this year; Jordan Joiner’s was particularly worthy of note, towering high above his head and including a clever drink bottle attachment – very inventive! Grace Pugh’s show - winning horse hat was another technical marvel ! In Design and Technology Year 5 created some equally impressive musical instruments ranging from simple percussion instruments to five string guitars.

Art club portrait of Michael Jackson for the Lower School concert

Book Week Book week was another highlight of the first term. In Art pupils created book covers and illustrations inspired by their favourite authors. Year 3 created some detailed bird illustrations to support the topic work they were doing in class. Christmas As Christmas drew near Year 3 got busy drawing toys and Christmas wrapping paper. They created prints and paintings of toys in Christmas stockings which, along with the Year 4 glittery clay baubles, made the entrance foyer look very festive. In

Y4 Art Club pupils creating kites

Millie Gambon and Ellie Rhodes -Williams (Y5) Flying Santa Cam toy

Shanel Johnson and Mollie Laight (Y5) mythological animal masks

Rosie Whiting and Maddie Baugh (Y3) design a bird book cover for Book Week

Jordan Joiner’s Spring hat

Lower School 'The Book' Musical The Spring term once again brought the Lower School Musical. Volunteers flocked to Art Club to help paint Viking shields and large bushes for the romp through history that was “The Book”. Lower School artists even rose to the challenge of creating two severed Viking heads, achieving an effective, if gory result.

Jasvir Hayer and Mitchell Porter hold props (severed heads!) for the Musical

Spring Term Summer Beaches In the Summer term Year 3’s thoughts turned to summer beaches. They created some beautiful direct observational studies of shells and seaweed, as well as completing some sensitive wax resist paintings on the same theme. In Design and Technology Year 6 made some working fun fair rides, including traditional merry-gorounds and futuristic Ferris wheels. Art Club Art Club pupils got painting this term as part of this year's Royal Academy 'Young Painter of the Year Competition'. The theme was 'Visions of the Future', so after much planning and preparation Lower School painters created images influenced by themes as diverse as global warming and alien visitations. Finished masterpieces will be sent off to The Royal Academy -so watch this space!

Y5 sketching in the Carding Mill Valley

Jordan Joiner and Edward Beech helped with the scenery by making bushes

Coalport China Museum The Year 2 and Year 3 joint Art trip this year was to Coalport China Museum, Ironbridge. Pupils had a guided tour of the museum before embarking on a clay decorating workshop. During the

Y2 & 3 decoarting pots

workshop they used coloured slip to decorate hand made bowls and then used a technique called scraffito to engrave in pictures and patterns. The pupils worked really hard and created some very individual final bowls.

Decorating pots at Coalport China Museum

House Week House week took place in the second half of the Summer Term. Having created some impressive House shields last year we continued the theme by creating House bunting. Pupils were able to use the Upper School Design and Technology facilities to cut and sew rows of flags. They used sewing machines to stitch the fabric and bonda web to attach the name of each House to each length of bunting. Some successful final results were achieved and should look great when displayed at House events such as Sports Day. As the year closes I continue to be impressed by the enthusiasm and commitment of the Lower School artists and designers. Mrs K Stone

Lower School French Café Year 6 On Friday the 23rd October we had a French café in Mrs Stone’s Year 6 classroom. All of Mrs Compain Holt's French group had to bring in cakes, chocolate or any other treat and Mrs Compain Holt organised a French café. Some people from Upper School came and helped out too! It was an extremely fun break time. If you wanted anything you would have to ask for it in French. Everything was very delicious and there was plenty for everyone. Year 6 invited some teachers to come too. We really enjoyed it! My favourite bit was eating the treats! We really enjoyed the café and we think it’s really good. By Anisha Aujilay (Y6 KS) Harvest Thanksgiving Harvest Thanksgiving is when people grow crops. It is around autumn time. Our Harvest assembly was on Thursday 1st October. It was for the Drive and Lower School. Some of the children’s parents came. It started at 9:30am and ended at 10:00am. First, Lower School, the parents and the Drive School sang a hymn which was All Things Bright and Beautiful. This Harvest thanksgiving Mr Parry spoke about this year's harvest and how good it had been. The theme was saying thank you to the people who helped with the harvest who were the farmers, the engineers, the doctors and the scientists.

Harvest Festival volunteers

A packed Harvest Festival assembly

Mr Parry brought in some apples and seeds, which would turn into wheat, and potatoes to tell us about harvest and how important it is. Next, he told us about a farmer who sowed seeds randomly. The farmer threw seeds on the road but some birds ate them. Then he threw the seeds on rock but they didn’t grow and burned up. After that the farmer threw the seeds on some brambles but the brambles choked the seeds. Finally, he threw the seeds on good soil and they grew into wheat perfectly. Mr Parry told us that we should all be like the seeds that grew on the good soil. Next Mr Parry asked for four volunteers. He brought Liam up to be the farmer. He brought Tilley up to be the engineer. He brought Jasvir up to be the doctor and he brought Shanel up to be the scientist. He said you should thank all these people for giving us the harvest. Finally, The Drive sang 'Bring up the Harvest' to Lower School. After that the parents, The Drive School and Lower School all sang 'Sing Hosanna' together. At the end we raised £127 for Water Aid. By Jasvir Hayer and Mark Saul (Year 5) Half Term Concert The first half term was brought to a musical end thanks to the concert given by Lower School. This year we performed in Chapel as Towers Theatre was having the finishing touches done to its chandeliers. This meant we had a full house and even had to seat people up on the organ stool to fit everyone in. The theme of the concert was Michael Jackson and the Chapel was decorated by large pictures created by the pupils under the guidance of Mrs Stone. The pupils who had helped out at Open Day painted some fantastic larger than life size pictures. We heard a variety of super performances on the piano, violin, voice and flute. There were also four

impressive piano duets which required nerves of steel and good timing from the performers. Mrs Taylor had prepared two dance routines with her Radcliffe PE Groups. The first was performed by Years 3 and 4 who danced to Billie Jean. Year 5 and 6 thrilled us with their dance routine to Thriller. Well done to all the dancers and Mrs Taylor for their hard work! The concert climaxed with the whole of Lower School and the audience joining in a Michael Jackson megamix including Man in the Mirror, ABC, Billie Jean and Thriller. Lewis Spencer finished the show with his best Vincent Price impersonation. Well done to everyone who performed and we hope you enjoyed the show! Mrs C. Whiting

Michael Jackson themed half term concert

A full Chapel for the half term concert

Lower School Reading Week In November, there was a themed week on reading and there were various events organised including a book Treasure Hunt and a series of author visits. The first visitor was Tom Palmer, who writes football fiction. He spoke about travelling the world interviewing football players and researching his books. He held a football related quiz with the team with the most points winning a place in the penalty shoot out. This was great fun with Mrs Lofting and Mr Foster taking their place between the posts as T.C.’s goalkeepers! Shoo Rayner, who writes and illustrates children's books gave a talk on writing stories and creating illustrations. He did lots of funny voices and faces whilst telling Viking stories and turning a baby story into a Hollywood blockbuster. Pete Johnson explained who his inspiration was for writing stories and how he had written to Dodie Smith (author of '101 Dalamatians') when he was at school. He also answered lots of questions on what it was like to be an author, including how much authors get paid and when he met Tom Cruise! There were lots of other activities to celebrate the week including, a challenge of writing a story in 366 words or less, a book related quiz, a visit from the Scholastic Book Fair and the transformation of the Reading Room into Starbooks Coffee Shop, which was open for pupils to come in and relax with a book.

A visiting author works with Y6 during Reading Week

Summer Term - House Themed Week

The Lower School House Themed week, introduced for the first time last year, is fast becoming one of the highlights of the year for the children of Lower School. Francesca Woodman’s prize winning report describes the week’s events and what they mean to the children involved.

Our House Themed Week was brilliant. The House colours are: Bantock: Green Haydon: Yellow Nicholson: Blue Pearson: Red My house is Nicholson and here is my report on the fantastic week! Monday Dear Diary what a fantastic day today has been. Firstly we had our, (Nicholson’s), House Assembly, which was all about Pets. Sabian Lawley and Edward Beech actually brought in their lizards, Edward brought in a Bearded Dragon and a Lizard and I was a bit frightened of the dragon. Secondly, we had a Swimming Gala and we had to swim in four races, I came last in every single race I was in. The best swimmer overall in the Gala was Hardeep Bhamra from Haydon because she won two races and came third in one and second in another. After break most people went to a meeting about the Activity Challenge but some people went to House Art as I did. At House Art I was asked to draw and cut out fabric into triangular shapes with William Fletcher-Taylor. I think in our House Molly Laight from Year 5 was the best because she had to learn a new sewing technique. After lunch some people went to House Art but most people did the Zone Ball tournament as I did. Nicholson lost both their games but this was still one

House Week bunting

House Week - making the bunting

of my favourite things that we did. In our House Harveer from Year 4 was the best because he was very good at catching the ball. Next we had the preparation for Wednesday’s Cooking Challenge and it was really good fun because we got the choice of what to make. I made a menu and finished it at home that night. Our last lesson was House German and Mrs Compain-Holt put us into our House teams. She put a quiz up on the board and we had to do the quiz and we got 12.5 out of 15. I think that the best person in House German was Cameron Isbister because he told us nearly all the answers! As you can see Dear Diary Monday has been an amazing day and I am so looking forward to tomorrow. Tuesday Dear Diary, all I can say about today is WOW! Firstly, we had Haydon’s House Assembly which I think was really interesting. It was about Sports Day

Lower School and then about everyone’s favourite achievement. Then we had another preparation for the Activity Challenge during which I helped Rosie Whiting to do a jigsaw puzzle and then I did a place mat for the Cooking Challenge. After break we did Mr Raine’s Challenge down on the bottom fields and it was really good fun. We had to find as many things as we could, and we found at least 10 of them. I think the best group overall in Mr Raine’s Challenge was Emily, Anisha and Grace because they found one of the things in the bottom fields which none of the other groups found! After lunch we had a Workshop about Jungle Book where we learned all the songs so we could sing along with them. They chose four girls, who were: Maddie Baugh, Porcia Bailey-Perrin, Poppy O’Hara and Priya Kumar and four boys, who were, Joshua Ogunnaike, Ryan Boyd, Mason Hawkins and Chris Cox. Nearly everyone wanted to be chosen so they were lucky! After a 10 minute break the show began and it was brilliant! It was about the story of Jungle Book and the best Tettenhall College pupil who performed was Maddie Baugh. She just looked so cute up there! After Jungle Book we did follow up work from it. Our task was to write an extra scene and the best in this was Madison Jones because she was really funny at being the Mum. So Dear Diary can’t you see how ‘fab’ today has been? Looking forward to tomorrow. Wednesday Dear Diary I had so much fun today at school. Firstly, it was Pearson’s House Assembly about South Africa which to tell the truth was fabulous. Our first lesson was the Activity Challenge preparation which was really good fun because we got to find where we were standing for the proper Activity Challenge. In our next lesson I sadly had a singing lesson so I couldn’t compete in it. After break we played table tennis and we won both our matches and I felt really, really proud of Nicholson. Then after lunch we went to the climbing wall and I made it half way up! I think that the best climber was Jordan Joiner because he made it to the top twice. For me the climbing wall was really hard because I got stuck and my hands began to ache but I was really pleased

with myself for getting half way. After break we did a game called ‘Name that Tune’ with Mrs Whiting and Mr Foster. We had to guess how many notes it would take us to name a tune. I was on a team with Maddie, Cameron, Sabian, Beatrice and Edward. I wasn’t very good at the game but I really enjoyed it! After that we had to go to the Drive School Dining Hall for the ‘Cook Off’ final. Di, Mr Kay and the Catering Manager sampled our food and judged it and we came joint second. I think our food was really good and we should have won. Dear Diary I hope that you understand how brilliant today has been.

Thursday Well Diary this is the second last day of my wonderful week and it certainly was a busy one! Firstly, it was Bantock’s House Assembly about Help the Heroes which was very good and I could tell that they had done lots of research about it. After that we had the Egghead Quiz and we were very close to winning but then at the last minute we were beaten by Haydon. I managed to answer one question on Strictly Come Dancing which was quite a simple question for me as I am a big fan. Mr Foster cheated because he saw our answer and copied it which I think means he should have been disqualified! The next three lessons were taken up by the Activity Challenge. It was extremely close because Pearson were really fast until the last minute when their two House Captains, Grace and Harrison went off to find the treasure and they had loads of time but they took at least 15 minutes to try and find it and we thought that they had got lost! So in the end Haydon won our game and we won Pearson’s game with 12 flags. The second but last lesson we played rounders and Bea played really well and got two half rounders. I was not so

Climbing wall

good at it, but I thoroughly enjoyed it and we came second which was great. The last lesson was Tours de Tettenhall. It was a sort of relay race on scooters and was great fun. Alexandria is quite a tall girl and it was quite a small scooter as they came from the Drive School so it was difficult for her to ride on it but she still did her best. Dear Diary this has been a fantastic week and I still have got one more day to go! Friday Dear Diary today was a very exciting day because it was House Music and I was doing a solo! In the competition I was second to perform and I felt very nervous especially as it was the last time I would get to sing in front of all my Lower School friends and teachers. I sang ‘Feed the Birds’ and Mummy thought I was great but I didn’t get a certificate. I think that Maddie deserved to get a certificate because she was really, really funny. I think that everyone did really well but overall Jabari was the best!! After this we spent the rest of the day rehearsing for ‘Whistle Down the Wind’ but that is another story! Oh Diary, I so wish this wasn’t over. This is my last House Week ever in Lower School and I have had a really fabulous time. I am going to miss Lower School and all my friends and teachers but I will always remember the brilliant times I have had and bring some very happy memories with me into Upper School. Francesca Woodman

House rounders

Lower School Year 6 Residential Trip to Cranedale Introduction The Cranedale Centre is a residential Field Studies Centre, providing tutored courses in environmental subjects and outdoor education. Below are a sample of some of the articles that the children wrote as part of the post Cranedale project to produce a group magazine about the trip. Hopefully they help to demonstrate just how enjoyable this trip is for the Year 6 children. Cranedale Diaries—Day 1 Today was really exciting. The classroom was buzzing with excitement. I couldn’t wait to set off in the Shires Travel International coach. I was really excited as I hurriedly threw on my clothes. I gobbled down my breakfast, ran to the car, jumped in and got ready for the day I’d been anticipating for so long. When I got to school I wheeled in my suitcase and left it in reception. I went into the classroom and everyone was chatting and listening to their iPods, it was the build up to a brilliant day. Eventually we got to the time when we boarded the coach. Nan came to wave us off. We turned the corner round the gate and we were on our way. We were all listening to our iPods it was really fun. When we got to the service station we all loaded with sweets and made ourselves full. When we got there Johnny greeted us and told us the rooms. I was with Maddie, Anisha and Alex. We all went to our rooms and unpacked, then we ran downstairs for a tour. Then we were introduced to the dining room….mmmmm! It smelt gorgeous. We had a 3 course meal of Minestrone soup followed by cheese and onion pie with chips and salad, then for pudding it was pear turnover - I was too full to have this!!!!!!!! Then we went to the evening games which consisted of: Matrix, Big foot and The Swamp. I was extremely tired after this and fell asleep straight away…….. Wink wink …….not!!!!! By Emily Rogers

The Food Menu At Cranedale, we had some marvellous food and kind dinner ladies to make our tea time perfect. When we arrived we had for starters some minestrone soup. It was like heaven. For our main meal we had cheese and onion pie…mmmmmmm! And for puddings we had pear turnover. We had a great selection for breakfast...English breakfast, toast and cereal and so much more. For our lunch we had packed lunches which were nice. We had been playing games in the cold but the dinner ladies warmed us up with their beautiful tomato and basil soup. For the main course we had roast turkey which was cooked perfectly. And for our puds we had some fresh apple pie. I have one thing to say so if you ever feel hungry, come to Cranedale dinner ladies and they will sort you out with some delicious food. I have asked Year 6 girls for their comments of the food. Madison: The food was great, especially the pies! Kenny: It was amazing!!! Marihah: It was awesome! Emily: It was good. Amber: I thought it was very nice. The dinner ladies were nice! By Gracie Pugh.

Cranedale Oscars Most effort for the weekend: Cameron, Frankie and Peter Most helpful pupil: Priya Most cheerful pupil: Anisha, Edward and Emily Best team player: Jordan, Madison, Marihah Best eater: Chris Best behaved pupil: Mason and Alexandria Best dressed: Mason and Beatrice Best wellies: Priya or Oliver Silliest service station purchase: Chris (ski gloves) Best table tennis player: Luke, Beatrice and Harrison Best table football: Amber Untidiest pupil: Kenny and Ryan Funniest moment: Ryan upside down on rope swing. Best wall climber: Amber Best cuddly toy: Grace’s monkeys. By Cerys Hyde

Interview with teachers Survival in The Wild - The Survival Game The survival game is what we played on the Sunday. It is all about types of animals' habitat and its food chain. We had to divide up into different categories: 16 herbivores, 1 top carnivore, three carnivores, 1 disease and 2 humans. The herbivores had 6 lives and they had to feed on trees. In order not to be caught they had to hide from the top carnivore, carnivores, disease and the humans. The top carnivore had 2 lives and had to feed on the carnivores and the herbivores. The Humans had no lives as they are the top beings, so they had to find the lower beings and have their lives. The disease had 1 life and had to collect a life from every being and only got to do it once. It was the best game ever, although we were all exhausted by the end. By Alexandria Clarke

Did you enjoy it? Mrs Lofting: Yes, very much! Mr Kay: Yes, it was brilliant! Best trip I’ve ever been on! What was the best part? Mrs Lofting: Seeing everyone joining in, trying new things and challenging themselves. Mr Kay: The survival game and when Frankie got to the top of the climbing wall. How did you feel on the way there? Mrs Lofting: Excited to be going back. It is such a beautiful place. Mr Kay: Very excited and curious because it was my first time visiting Cranedale. How did you feel coming back on the coach? Mrs Lofting: Very proud, a bit tired and already looking forward to next year. Mr Kay: Tired but a bit sad that we were leaving, but happy we all had such a good time and really proud of all the children. What was your room called? Mrs Lofting: Sledmere. It was very luxurious. Mr Kay: Samgrass and it was very comfortable and very cosy.

Lower School Sport Athletics The Prep Schools Athletics Championships took place at Radley College near Oxford on Thursday 24th June. This is known as the ‘Mercia’ area as there is no Midlands venue or competition at the moment. Beatrice Pemberton took part in the 100m and 200m for the Under 11 age-group. Beatrice performed extremely well against other prep schools qualifying for both finals. We congratulate her on her performances. Well done Beatrice. Cricket Throughout the term the pupils in Years 3-6 have made a tremendous effort to develop their skills with bat and ball. Their level of enthusiasm has been exceptional and this has resulted in them all being able to make great strides in developing the more technical aspects of the games. Years 3 and 4, under the watchful eye of Mr Jackson, have made significant progress. With the bat their shot selection has improved greatly and all really enjoyed their Diamond Cricket and Kwick Cricket practices. Furthermore with regards to bowling everyone has made very pleasing progress on improving their basic action. In the field their basic awareness of positions and the importance of throwing accurately and catching efficiently have seen many useful contributions, especially in the game scenarios. Years 5 and 6 under Mr Trump and Mr Bullock have further developed their skills and looked closely at match practice in preparation for competitive matches when they move up into Upper School. Close attention and analysis in the nets of the core technical skills have seen all improve in this area and many have begun to more carefully choose the right ball to put away to the boundary and which one to be more defensive against. In the bowling department there has been a further development of their basic actions and grips which has seen a more consistent line and length being bowled. In the field their efforts have been admirable, as all have worked hard to make a positive contribution when close catching or chasing and retrieving the ball in the outfield. The only match against the Grammar School saw a few Year 6s (combined with some Year 7s in an U12 team)

narrowly lose a most enjoyable game. Everyone contributed and I hope many enjoyed their first taste of competitive cricket. For those who didn’t have opportunity this term I hope they will look forward to, or aspire to, representing the College in future terms. Well done to all of you. Mr Trump / Mr Jackson

Cross Country Relays On Saturday 30th of January Lower School pupils participated in the Cross Country Relays. It was a bitterly cold day but over 50 schools turned up to compete. Our girls' team were: Kennedy Gee, Emily Rogers, Madi Jones, Shanel Johnson. The boys' team were: Cameron Bagry, Sachin Basra, Mitchell Porter and Adam Inglett. None of these boys were Year 6 and this suggests a bright future in the next few years. Both teams did extremely well with the girls coming in the top 10 schools and the boys coming in the top 20.

Lower School Cross Country It has been a very busy year again for the Lower School Cross Country Team, with both boys and girls competing in team and individual events. Area Schools Cross Country Results The girls performed admirably against a very competitive field. Madison Jones 13th Kennedy Gee 20th Emily Rogers 22nd Alexandria Clarke 28th Shanel Johnson 30th Beatrice Love-Lowe 35th The boys also found their opponents very competitive, however, there were some very good performances especially by the Year 4 runners who were competing against Year 6. Jordan Joiner deserves a special mention, for his consistently outstanding performances over the last few years in Cross Country for Lower School. Jordan Joiner 12th Oliver Thompson 40th Adam Inglett 42nd Jabari Douglas 45th Luke Jones 46th Mitchell Porter Keele 50th Sachin Basra 55th Harry Porter 56th

Boys Cross Country team

Girls Cross Country team

Lower School Sport (continued) Rounders The girls in Year 5 and 6 had been practising hard in their games lessons. Everyone was making progress but a team had to be selected to play a match against St Dominic’s. It was important that the correct combination was selected and that players felt confident in their positions. Catching, throwing and batting skills were important. There will be lots more chances for matches next year. The team had a great game. Both schools played extremely well with some fantastic rounders scored by St Dominic’s and Tettenhall. However the end was a win for Tettenhall 10-5. Players in the team were: Kennedy Gee, Madison Jones, Priya Kumar, Amber Mir, Marihah Mir, Lisa Obi, Beatrice Pemberton, Grace Pugh and Emily Rogers Football Under 11 Thursday 4th March versus St. Mary and St. John Result 4-1 Loss For a first game of the season, the boys performed well. The effort from all the players was faultless. The start of the game saw Tettenhall with all the possession, players were sticking to their positions and working hard for each other. A number of chances by Tettenhall were gained, a near miss from a shot, the goalkeeper being forced to make a number of saves, hitting the post once and having numerous corners still did not bring a goal. The opposition then jumped on a mistake went through and scored with their first shot at Goal. This was quickly followed by another goal, again after an individual error. From then on we were chasing the game, again with most of the possession. The half time whistle blew; Tettenhall did not deserve to be two goals down. The team rallied around for the second half. Three changes were made and the team then tried to work on passing the ball quicker and stretching the opposition defence. A very controversial goal gave the opposition the ascendancy. We again worked hard to battle back; with good passing and speed up front we managed to get a goal from Cameron Bagry or did Peter steal it on the line? From then on it was all about Tettenhall, the opposition were chasing shadows and making last ditch tackles everywhere. Unfortunately with all the possession gained we could not manage to score anymore goals.

Well done to all the players. The work effort was excellent, the passing at times was very slick. But we need to transfer the possession into goals. Mr M Jackson Football Under 11s end of year report The Under 11s entered the local league playing four matches. Most of the Year 5 and 6 were used in the squad. Their performances improved with every match. Their first match was played with passion but lacked some shape to the side. The second match was again a hard battle but the team looked better, players were more confident and understood their position and responsibility. The third game saw one of our best performances. However, the opposition were very strong, narrowly

beating us with some late goals near the end of the match. The boys did not get disheartened from some close and undeserved losses, they bounced back with an excellent win in their final match. Winning 4-0. Tettenhall looked composed and confident on the ball, some great attacking play was matched by some strong defence. The well deserved win completed a difficult but rewarding season. The squad have progressed dramatically in such a short period of time. The whole squad deserve praise for their enthusiasm and determination. Luke Jones and Jordan Joiner deserve special mention for their consistently high performances as does Cameron Bagry who is only in Year 4 but still played to a standard much above his age.

School Council A busy year for the School Council in Lower School has seen a charity event leading to the sponsorship of a hen from the British Hen Welfare Trust and a suggestion about supporting Help For Heroes resulting in a special guest from the charity who came to speak to the whole school. The School Council representatives were: Year 3 – Liam Tang and Rosie Whiting Year 4 – Cameron Bagry and Zoe Oakley Year 5 – Sam Hawkins and Alice Holden Year 6 – Christopher Cox, Kennedy Gee, Sabian Lawley and Emily Rogers The School Council met regularly throughout the year and Mrs Liddle took over from Mr Kay in the Summer Term, meaning that the School Council continued to run smoothly. Suggestions from the pupils included fundraising ideas, charities to be supported, equipment required and recycling schemes. Not all the suggestions were taken on board like throwing sponges at the teachers, coming to school dressed as a chicken and having no homework for the rest of the year! Sam Hawkins was the force behind raising an amazing amount of money for Help for Heroes. He wrote to the Headmaster asking if the school would help with fundraising and this led to MUFTI days, cake sales, competitions and Help for Heroes merchandise being sold all around the school. Sam received a special mention in the letter of thanks sent by the charity. It is nice to see the democratic process is working well in Lower School and all of the representatives have worked hard on all projects; a special mention to Chris and Sabian who proved themselves to be excellent door security at the many cake and sweet sales throughout the year!

Lower School Council Emily Rogers, Sabian Lawley, Chris Cox, Kennedy Gee, Alice Holden, Sam Hawkins, Rosie Whiting, Zoe Oakley, Cameron Bagry and Liam Tang

Lower School The Musical: ‘The Book’ Time Travel through History Last year I finished my article on 'The Wiz' for The Tettenhallian by stating I was sure I could persuade Miss Hope to do another musical. Little did I know she would be moving to work in the Drive School and I would have the challenge of working alone on this year's show. Fortunately I was not alone! The fantastic parents we have in Lower School were enthusiastic about the idea of a new and original script and score when I suggested the concept. I thought it would be a great idea to travel through time and visit important events in British history. Mrs Helen Woodman (parent of Francesca and Kate) offered to help with the script and subsequently wrote a fantastic, witty and virtually historically accurate play. She named it 'The Book'. My own efforts were meagre in comparison! I knew when I saw the script that it had to have original music to compliment it so I sat down and started composing; some songs were easier than others. They would pop into my head at the strangest of moments. Others took a little more effort. The Lower School pupils are always enthusiastic when auditions take place in the Autumn Term and because we had written the show with our school in mind, it meant there were lots of speaking roles to be filled. This gave everyone who wanted a part the opportunity and I believe it is a great opportunity for all our pupils to perform on stage and build their confidence. So the casting was in place and I was able to persuade many members of staff to tread the boards. Some of them would regret this when their costumes arrived! Rehearsals began and the main characters slaved away to learn their lines. Meanwhile singing lessons were utilised to learn songs and dance routines. Mrs C Whiting Costumes and Props All too soon March approached and as well as an Inspection, my mind was full of Vikings, Romans and dancing Victorians. The parents had slaved away to create over 180 costumes, ranging from a large woolly mammoth to a John Paul Gautier catwalk design. Mrs Laight took over the role of wardrobe mistress for us this year and was fantastic at organising such a complicated challenge…especially when she broke her leg skiing a few weeks before the show. We spent many hours after school and at the weekend painting and sawing and hammering to create wonderful scenery and props. My favourite ever prop had to be the fantastic Viking longship, complete with glowing eye. I was so grateful for the hours people spent painting polystyrene (high density of course) to look like Stone Age boulders or blitz bricks. Thanks to the internet we managed to trace our fantastic gates from last year’s show. They had turned up in Sheffield. Obviously our props are so good they even go on tour! Lighting The next crisis was a lack of lighting. The lights which had been in Towers for years returned to their rightful owners 2 weeks before our show and I imagined we would have to perform in the dark!

a different age of history. The parents as ever were fabulous backstage and I would like to thank Mrs Stone especially for the hours of make-up and costume changing she helped with this year. The three stars of the show were Grace Pugh, Oliver Thompson and Priya Kumar. They had masses of lines to learn as well as every single dance routine and song! Mrs Lofting was also kept busy as she reappeared in 14 different outfits to offer historical facts to the three time travellers. The woolly mammoth was a shock to the audience but they were soon bopping along to the Stone Age Samba.

Fortunately Mrs Fisher knew a theatre company who had just had to remove all of their lights from the hall they hired. The Bursar agreed that we could buy them for the benefit of all future productions. Hooray! We would be able to see!

Saxons and Vile Vikings Joseph McKaig wanted to convince us all about the future of tools but William Fletcher-Taylor was only interested in pots. Harrison Maddox and Emily Rogers were our whinging Romans and Jasvir Hayer gave a super performance as Sutton Hoo. The Year 5 girls were vicious, violent and vile Vikings… perhaps that’s enough alliteration. The arrival of the Normans had the audience in fits of laughter as Mr Jones, on his speaking debut, thrilled us all with his dodgy French accent. He knows how to work the catwalk too! Sam Hawkins played Robin Hood who still believed he was on a secret service mission to rob the rich and give to the poor. His merry men were not so sure.

World Premiere Finally it was time for the World Premiere! After lots of disasters during the dress rehearsal the final performances were smooth and professional. The band sounded great and the backstage crew were in tip top form to make sure that each time the curtain opened we were transported to

Dicky 3, Tudors and Stuarts Act 2 began with Dicky 3 and boots that were rather tricky to walk in! It was a good job Cameron Isbister was able to swap for comfy pink slippers before his big dance routine which involved everyone on stage dying! Mason Hawkins gave a brilliant performance as Henry VIII, a man who couldn’t stop

Harrison Maddocks and Emily Rogers (Y6) sing about the good old Roman days

Lower School ‘The Book’ (continued)

the names of all her children, quite a job as they seemed to change every night! Mr Foster was her consort, Prince Albert and what a fine pair they made. Miss Uttley joined them on stage as Bertie. She was so happy to be there! Suffragettes We were then on the streets of London as Zoe Oakley and Alice Holden chained themselves to the famous gates for the suffragette cause. Niall Hamad and Rajan Basi did a fine job of carting them off to prison! When the curtain opened on the next scene the audience were transported to

the blitz as the air raid sirens and searchlight went off. Francesca Woodman moved the audience so much with her rendition of 'We Can Change the World' that many were in tears. Finally the three weary time travellers returned to their classroom to reflect on the lessons of history. Do we ever learn from the past? I remember thinking after the show that it was far too much hard work and stress and I would definitely just use someone else’s script and score next time. Two months later and Mrs Woodman and I have a plan for next year…Watch this space!

Cameron Isbister as Dicky 3

shouting. He was troubled by his wives who danced beautifully in the Bollywood song, 'Calling Henry'. Kennedy Gee was a pink girlie Queen Elizabeth 1st , alongside her three pink fairy maids. Harrison Maddox reappeared again as King John and King Charles – just before he managed a tango and a beheading. The Victorians Mr Bullock played the bumbling fool, Prince Regent and Mrs Taylor graced the stage once more as the regal Queen Victoria. She had to remember

Mrs Taylor and Mr Foster as Victoria and Albert

Francesca Woodman (Y6) brings the audience to tears

Sam Hawkins as Robin Hood

Y4 ribbon dancers

Queen Elizabeth’s fairies

Finale - ‘The Book’

Lower School Chess Report City Competitions The Chess season opened in the Spring Term with the now customary February Jamboree. More teams than ever entered, 17 altogether, made up from a total of 7 different schools. Lower School took three teams and after a very tight finish it was actually our B team that won the trophy, narrowly beating our A team into second place. This early success was continued throughout the season with victories in all our League matches to win the City League trophy for the third year running. This was also complimented by a successful City Cup campaign when we were victorious in the final defeating Lanesfield 5 – 0. Our team throughout the season was made up of a mixture of pupils from Year 6, 5 and 4. They should all be congratulated on another very successful season which is largely down to the effort and enthusiasm that all members of the Chess Club continue to show. Individual Success This year we were unable to match the previous year’s remarkable success of winning both the Under 9 and Under 11 Individual City Championships. However, after playing some incredibly hard fought matches Marihah Mir did

manage to successfully defend the Under 11 trophy, which provided a fitting climax to all the hard work she has put into her chess over the four years she has been attending chess club. Marihah, her sister Amber and Mason Hawkins also deserve recognition for reaching the ‘Gigafinal’ stage of the national tournament that we enter each year. Internal Tournaments This year’s House Chess tournament formed part of our exciting House Themed week with Haydon eventually running out winners in a closely contested competition.

Alton Towers Trip by Christiana Lloyd I think you will enjoy reading my report about our trip to Alton Towers Theme Park. I would like to thank Mr Wass for taking us to the theme park and also to all the teachers and parents who came and looked after some children. A German choir came over to visit Tettenhall College. The special choir sang with them in a special concert in the chapel and for a reward we got to go to Alton Towers with the German Choir. First I travelled on the monorail from the car park to the coach park because I used a car. When I got off at the main entrance I met up with my friends and we went in. Then I got a map and went on lots of rides. My favourite rides were Rita (the queen of speed), runaway mine train and berry bish bosh bash; even though I got hit in the head it was so much fun I hardly cared! My worst ride was story book boat ride. Thank you for reading my report on Alton Towers !

Fun at Alton Towers

House chess

The annual Lower School Open Individual Knockout Tournament was particularly exciting this year. Many of the favourite seeds were knocked out early on by younger players including victories by Tomoya Suganuma (Year 5) that took him all the way to the semifinals. He was, however, eventually defeated by a ‘veteran’ of Chess Club, Chris Cox (Year 6). This set up a very evenly matched final between himself and Mason Hawkins (Year 6). Chris, however, proved just too strong for Mason in the end to become the Individual Knockout Champion for 2009-10. Mr Kay

Lower School Charity Update Despite the recession, it has been another amazing year for fundraising by the pupils and staff at T.C. Many charities have been supported throughout the year and a total of £5205.05 has been raised. Fundraising events include cake sales, MUFTI days, Guess the Weight of a Soldier’s Kit Bag, Name the Teddy Bear and Bring Your Bear to School Day; all of which were a great success. One of the donations to WWF, came from the EFL pupils 'Endangered Species' project. The chosen animal was an Orang Utan and Tettenhall College now sponsors one through the WWF scheme. The pupils of Lower School have also adopted a hen from the British Hen Welfare organisation, as part of their fundraising appeal in July. Help for Heroes Fund Raising Day £5,205.05

The EFL students support the WWF

Our eggsellent eggshibition of eggs for the Barnado's Charity fund raiser

The charities supported this year include: Macmillan Cancer Support (Sept), £250 Royal British Legion £154.31(Nov) Breast Cancer £50 (Oct) Help the Heroes £537.61(Nov) Children of Peace (Berlin Wall Day) £332.75 Compton Hospice £75 (Dec) Haiti Earthquake £1000 (Whole School) Unicef (Nov LS) £61.60 Water Aid £128.54 (Oct LS) Jeans for Genes (Oct LS & Drive) £118.24 Children in Need (Whole) £323.00 Barnardo’s (LS & Drive )£1100 Help for Heroes (Lower School) £215.40 South Staffs First Responders (Upper School) £500.00 World Wildlife Fund £50.00 Walk the Walk (Breast Cancer) £100.00 Touching Tiny Lives Appeal (Bring Your Bear to School Day) £150.00 British Hen Welfare Trust £100.00 Compton Hospice (O.T.s’ Collection) £58.60 The Drive and Lower School collected shoeboxes full of goodies for the Samaritan’s Purse Shoebox Appeal at Christmas. There has also been continued support of Guide Dogs for the Blind through the Sponsor A Puppy scheme and the Action Aid charity sponsorship of two children.

Upper School

Upper School Academic: Art, Design and Technology Those of you who visited the studios and exhibitions in June will have recognised the enormous creative talent that we draw out of our pupils here at Tettenhall College. I have never advocated, or pursued, a House style passed down from teacher to pupil, but instead, strive to prise open the very special qualities of each student who passes through our doors. This way of teaching is far more challenging; one needs to keep track of all the different expressions inherent in each of the projects being explored. It is through the skills of listening, guiding and coaching the individual to find the most appropriate solution. It is immensely rewarding accessing the hearts and minds of individuals as they strive to record and express their own journey through the projects. The Department achieved 94% A* - C pass at GCSE in Art and 100% pass at A level. Field Trips this year have taken the Year 7s to Wedgwood Pottery where they produced PowerPoint presentations on their investigations in response to set themes. They also attended celebrations on Eid and Islamic culture at The Potteries Museum, Stoke-onTrent.

Y7 at Wedgwood Museum

Workshop to celebrate festival of Eid. Isabel Profitt having Mehndi patterns put on her hand at The Stoke Pottery Museum

Alica Lau, Y11 GCSE, 'work, rest and play'.

Year 8 were taken to The Botanical Gardens, Birmingham Museum of Art and The Watershed Gallery. The exam groups visited Number 9 The Gallery, The Ikon and The Barber Institute. Mrs. K. Stone joined myself to teach KS3 Design Technology. To meet the needs of the curriculum the Department has purchased additional computers, sewing machines and a CNC cutter.

Amanda Hughson, year 10 GCSE, self-portrait

Year 9 Visit Wolverhampton University's School of Art On Tuesday the 8th June Year 9 went on a school trip to Wolverhampton University’s School of Art. The art college is a 7 floor building full of inspirational art work. Out of all the floors of colourful and imaginative art displays, the one which impressed me the most was the graphic design. On this floor there were many computers in which there were PC game designs installed. Prisca Ho during our visit to Wolverhampton The design which caught my University School of Art & Design attention was called ‘Unreal tournament III’. Liking the design, I played the game to see for myself whether it was enjoyable or not. To my surprise the game was of a very high standard and was far better than many other PC games which I’ve played before. I was surprised again to hear it was made by a degree student at the college. Also the other aspect which got my attention was the variety of art there was on show. There was Fine Arts to Graphic Design, marble sculptures to cinemas, creative furniture design to photography. Overall it showed me that art isn’t just a specific thing. Art can be anything you wish it to be. It’s a way of expression, whichever emotion you have it can be portrayed through ART. Saatvik Malikireddy, Year 9.

Upper School The pupils have continued to explore a broader range of materials and experience more design related challenges using computers and CNC machines. The Year 7 pupils explored human rights issues and in response to this produced T-shirt designs; other projects have included theatre masks, fashion labels and charity collection boxes. Year 8 produced drawstring sports bags, tie-dyed quilted wallets, ceramic mugs with logos and presentation boxes. In the Year 9 rotation pupils have designed and made metre square painted silk scarves. Art and Design prizes this year went to Natsumi Suganuma (Yr 8) for her consistently high performance and presentation; Alex McCreath (Yr 11) for his achievements doing spot welding and Emily So (Yr 13) for her high standards. Mr. Leighton

Alex McCreathe spot welding his GCSE artwork.

Emily So, Y13. 'Discarded', pencil study.

Aimee Fisher, Y10 GCSE, 'Grandad'

Alex Kibble, Y11 GCSE ' Work, rest and play'

Sketching at The Botanical Gardens, Birmingham

Arisa Onitake, Y9 painted silk scarf.

Academic: Art, Design and Technology

Gallery

Visiting professional artist Pascalis Michalis Stephanie Williams, Y10 GCSE - Cubist Still life

Harry Westwood Y11 GCSE, collage of himself

George Harvey and Max Porter, Y8. Bricollage sculpture.

Prisca Ho, Y11 GCSE, 'Work, Rest and Play'.

Academic: Art, Design and Technology

Gallery

Harry Westwood, Y11 GCSE 'Work, Rest and Play'.

Stephanie Williams GCSE art based upon theme of 'Movement'

Eloise Hammond, Y10 GCSE. Self-portrait.

Courtney Hawkins, Y9. Ceramic Shield.

Upper School Business Studies and Economics Department and a few other aspects of life at TC In 1974, there were 3 pupils taking A level Economics in the Upper 6th and 4 in the Lower 6th. Business Studies did not feature at Tettenhall College until 1986. Last academic year we had a total of 54 pupils studying Economics or Business Studies in the Sixth Form. I would like to think that this might have meant that we as a department were doing something right and the subjects were worthy of taking! I leave the department in the capable hands of Amanda Nash, who has been at the school for the last seven years. I shall miss much about the school, but particularly, the department. The teaching was and always will be what the job is really all about. Policies for this that and the other, pieces of paper adding to the decline in the number of trees, were no substitute for engaging with the pupils and attempting to instil some sort of enthusiasm for and knowledge of either Economics or Business Studies. I enjoyed the rapport with the pupils, their willingness to go along with my sense of humour and their wonderful comments that would be made, some intentionally, others just gems that will I will savour for years! I felt privileged that several pupils chose me as their personal tutor; a role I have always taken very seriously and always tried to do my best to look after ‘my flock’. All pupils have various hiccups along the way and if I have managed to help in some small way to their survival and indeed in many instances, success, then that is gratifying. I will miss the knocking on my study door, whether it was pupils or staff. I never consciously turned anyone away. The role of a teacher is not just in the classroom. I will miss the playing fields; rugby teams, including for several years, matches against the pupils, until they were stopped on the grounds of H&S (how uncomplicated life was then). The staff team only lost once in my memory and we had a similar track record when playing the pupils at cricket. We only played a couple of staff matches versus the pupils at soccer, sadly without much success, unless it was at 5-a-side when our most recent prowess led us to the final of a knock-out competition organised by the GCSE Business Studies enterprise groups. Sadly I ended up in hospital (again) having a double dislocation of the finger when saving a penalty! I thoroughly enjoyed attempting to raise money for the then new sports hall. I was determined to get a bowling machine, which we did, by myself and the then Head prefect, one William Edwards, undertaking a 24 hour sponsored snooker marathon. We did play for the full period of time on an almost full size table which was in ‘Big School as it was then called (now the library). We managed to raise over £3,000 which in the early 1980s was a significant sum. It is a pity I have failed to raise as much for a scholarship for pupils who could not

afford the opportunities that T.C. provides, when as President of the Old Tettenhallians, (which was such an honour). The school musicals were a delight! Managing to persuade several pupils for many a year to give up endless amounts of their time to build this that and the other, move them all about here there and everywhere remains a mystery! But we did have fun! Meeting the wishes and deadlines of the directors was always a challenge, but one I would always look forward to and will undoubtedly miss more than I can put into words. I fear the theatre company in Taunton may be in for a shock! Exam results have always and will remain so, the most important aspect of school life. Without the passport of qualifications, many of the routes to success are sadly closed. Consequently, come August I am there eagerly awaiting the results of pupils’ work and ever hopeful of smiling faces as their envelopes are opened. The results within the department have been, I think impressive. We have always adopted a policy of allowing pupils a ‘bash’ at our subjects, a policy that is not universal! Consequently with no one failing our subjects for the last 10 years is my reward. Seeing a smiling face of a pupil who has now got the right grades for a particular university or simply passed is very special. We try to ensure that each year some pupils gain full marks within a module; this has been managed in recent years. The tours abroad are always a highlight and recent trips have proved to be no exception. It is always of interest that the pupils are keen to see who will be mentioned in my last night review of the tour speech. I hope I have managed to ensure most find some parts of the speeches amusing- I do try! However this year unbeknown to me, Amanda Nash decided to add her very kind words to the occasion, which was very much appreciated; 36years is a long time, but time goes quickly when you are enjoying yourself. And enjoy I have. Finally may I take this opportunity to thank, most sincerely, pupils, staff and parents who have been so kind and generous in their comments and gifts. My last few days at T.C. were so memorable and occasionally very nearly overwhelming. As I told my colleagues at one particular leaving occasion, I have commuted over 160,000 miles during my time at the College. Each mile has given me time to think and reflect on the day gone and the day to come. Such a journey is no more, but the thinking and reflections will continue for many years. I wish the College and all associated with it a safe passage on the rest of your life's journey. Dr Andy Mottershead, August 2010

a roar r

Upper School Drama and Performing Arts This has been an extremely successful and diverse year for the Drama Department both in and out of the classroom. The 2009 GCSE examination results were very pleasing and Year 12 set an excellent benchmark for the new A Level exam achieving 100% A-C and 80% A-B grades in their AS examinations! Congratulations to all of the candidates on their outstanding achievements. Towers Theatre has once again played host to a wide variety of examination and extra curricular performances, ranging from Shakespeare to musical theatre, circus clowns to historical tragedy. As always, the staff and pupils have been busy both on stage and behind the scenes and pupils from Year 10 through to Year 13 have worked extremely hard to prepare practical work for examination with huge success. Sixth Form 'Freak Show' We have continued to open up the examination performances to audiences of parents, teachers and pupils in order to create a realistic theatrical experience and showcase the pupils’ excellent work. This was particularly vital for Year 13’s final examination performance entitled ‘Freak Show’. This pupil-devised piece explored Hitler’s rise to power and the atrocities of the Holocaust and aimed to put the audience through an extremely emotional experience. Having decided that a realistic portrayal of such events could not do justice to

Freak Show

the horrors of the factual truth, the pupils decided to explore these historical facts in a more expressionistic manner. They used the ideas of avantgarde practitioner, Antonin Artaud, combining visual and aural elements to present a controlled sense of danger which both unsettled and shocked the audience and as a result made them confront the horror, confusion and ridiculousness of what happened. The piece begins in a circus inhabited by pierrots and, via a series of grotesque ‘circus acts’ including The Fire Eaters (Reichstag fire and Trial) and The Disappearing Act (The Night of Broken Glass), looks at Hitler’s

mercurial rise to power. As the clowns realise their true identity as Jews themselves, they rebel, turn on their maker and the piece culminates in an exploration of the events of holocaust. The performance was highly energetic and extremely emotionally charged; audience members revealed they felt breathless, uneasy and enormously upset – especially by the closing moments which depicted the experience of the Jews in the camps and finally in the gas chambers. A vast amount of research and rehearsal went into this final devised performance and the pupils committed themselves wholeheartedly to what was a physically and emotionally exhausting project. Having worked together since Year 10, the five-strong cast of Joe Hayward, Ben Passmore, Faye Paterson, Kelly Paterson and Megan Schubert opted to work in an ensemble style. This involved highly stylised and choreographed action and also meant that no cast member ever left the stage. Rigorous rehearsal and detailed work on voice and movement created a complex and highly polished final performance.

Upper School Year 11 The Year 11 Realisation test cleverly combined both comedy and tragedy as the pupils explored the dangers of fame and fortune using a variety of theatrical styles to great effect. Ellie Nash took on the role of a girl caught up in the celebrity trap and the piece charted her life from a young child with dreams and ambitions to the ugly reality of excess. Robin Barrow, Henry Dalby and Harriet Hommers played a variety of ensemble roles including friends, male models, theatrical agents, teachers, reporters and drug dealers to highlight and act as a catalyst to the events as they spiralled out of control. An interesting structure and effective pace kept the audience on a knife edge between laughter and tears. Year 10 Year 10 embarked on the new GCSE Drama course in September with some very pleasing results. Although the final practical examination remains very similar to last year, the coursework has changed greatly and the pupils are required to complete their two coursework units under controlled conditions. As a result, careful planning is needed to ensure that all elements of a production are completed within the timescale allowed. After an introductory term of theatrical concepts and drama skills, the pupils took on the role of a working company – their brief to put on a production of a section from a published play to a live audience.

'The Roses of Eyam' - Year 10 Coursework Don Taylor’s ‘The Roses of Eyam’ was our selected coursework text. This play, based on true events that took place during the plague years, tells of a Derbyshire village that lost three quarters of its population to the plague. A communal decision to quarantine themselves from the outside world eventually helped stopped the spread of the plague further north and won Eyam a place in the annals of history. Taylor’s script enabled the pupils to select from a variety of both comic and tragic scenes and also experiment with different styles from naturalism to more abstract and stylised action. The pupils were required to rehearse and direct themselves during the assessment period and design their set, sound, lighting and costume from a bank of resources available. The result was three very contrasting performances on a connecting theme. Bella Fisher and Harry Jones took on the roles of Emmot and Rowland, a newly engaged couple based on real people from the village. Their moving performance followed their journey – from joyous engagement party to the moment of tragic recognition as Emmot sacrifices her happiness with Rowland in order to prevent him from falling ill. Max Walker teamed up with Amanda Hughson to explore the unusual and ever changing relationship between Marshall Howe and ‘The Bedlam’. The Bedlam is a challenging role to play - a childlike creature whose nonsensical prattle holds grains of foresight and truth - but Amanda tackled it with real energy creating an excellent foil for Max’s down to earth Lancashire man, Howe. The underlying religious conflict of old and new was effectively brought out by Matthew Wickens as Puritan Thomas Stanley and his ‘enemy’, Church of England vicar William Mompesson, played by Oliver Rudge. This highly charged performance combined the conflict of the two men with the domestic tragedy which unfurled around them – starting with Mrs Cooper’s (Rachel Lawton) fatal collection of the plague ridden garments from London and Catherine Mompesson’s (Aimee Fisher)struggle to reconcile the role of mother with that of Mompesson’s wife. The themes of self-sacrifice, reconciliation and faith were clear in this very moving performance.

Live Theatre This year’s busy and varied calendar of theatre visits inspired pupils, giving them further insight into different styles and genres whilst providing the necessary performance analysis material for written examinations. In early September we enjoyed a thrilling performance of Bernstein’s ‘West Side Story’ starring ex-T.C. drama student, Stacey Powell. This highly energetic and superbly choreographed production by Wolverhampton Youth Music Theatre inspired even more of our pupils to get involved. In order to complete their synoptic examination, A level pupils are required to analyse a live theatre performance from the Elizabethan and Jacobean period. Luckily there was a wealth of possible productions to choose from, including an avant-garde performance of ‘The Revenger’s Tragedy’, and a hat trick of Shakespearian comedy and tragedy.

Upper School 'A Midsummer Night's Dream' In December, Towers played host to a visually stunning production of Shakespeare’s ‘A Midsummer Night’s Dream’. A myriad of twinkling fairy lights, armfuls of festive foliage and metres of shimmering fabric transformed the auditorium into Titania and Oberon’s topsy-turvy fairy kingdom. As Midwinter and Midsummer magically combined, the audience were treated to stellar performances from both staff and pupils. Kelly Paterson and Megan Schubert skilfully tackled the role of the argumentative best friends Hermia and Helena while James Isbister and Robin Barrow provided the roles of their male counterparts, Lysander and Demetruis. Mr Raine and Mrs Ridyard dominated the stage with their commanding performances as the sumptuously-attired Athenians, Hippolyta and Theseus, an excellent foil for the melodramatic magic of the Fairy King and Queen, Oberon (Joe Hayward) and Titania (Ellie Nash). Jacob Elcock superbly portrayed the highly energetic and somewhat mischievous Puck and who can forget Mr Dyer’s Bottom – a real comic tour de force? A whole host of fairies, mechanicals and Athenians provided an amazing supporting cast adding colour, energy and fun to the production and we rounded off the term in fantastic spirits.

Live Theatre (continued) A modern staging of ‘Romeo and Juliet’ set in an inner-city park translated the young lovers into petulant teenagers while a visually stunning version of Othello by the Icarus Theatre Collective enabled the pupils to really analyse how staging conventions have changed and developed since Elizabethan England. A highly entertaining adaptation of ‘The Two Gentlemen of Verona’ told the story from a Zimbabwean perspective with two actors playing fifteen characters – including a dog! Using minimal props, a few items of clothing and a set consisting of a single trunk, the actors really pulled the audience into the world of the play, at times literally, as audience members were invited to join them onstage and play a part in the performance. Perhaps the most unusual theatrical experience enjoyed by both A level and GCSE pupils was provided by Hoof Spontaneous Theatre. Two 30 minute ‘performances’, 100% improvised, took us on a strange journey into the world of fish, suicide, computer games and madness. This

was an exhilarating, exciting and exhausting experience – much enjoyed and bewildered at by all! House Performing Arts In addition to viewing live theatre as audience members, the House Performing Arts Competition again gave pupils the opportunity to showcase their own individual and group talents before a highly appreciative and enthusiastic live audience. Every year existing talent goes from strength to strength and new talent suddenly emerges ensuring that this competition is as fresh and exciting as it is accomplished and entertaining. The Musical (see feature page 88) 'Music, mayhem and a gay wedding’ provided the backdrop for this year’s annual musical production ‘The Drowsy Chaperone.’ Fun with a capital ‘F’ pretty much summed up this show as a combination of pantomime, farce, melodrama and music hall combined to create four nights of hilarity. The story is pretty simple: a musical springs to life in a man’s apartment...at the start of

this musical within a musical there is going to be a wedding... then there isn’t...then there is again...but a different couple...then a bi-plane crashes on stage...then there is a power cut...then one couple turns into four and the finale sees a quadruple wedding – yeehah – beat that! Confused? So you should be! It was madness and mayhem – just what we have come to love at T.C.! After an exhausting but satisfying academic year it is clear that Drama continues to be a vital and lively part of the school curriculum. Thanks to the hard work and immense talents of the pupils and the support and involvement of a whole host of staff and parents we are able to produce live performances of exceptional quality but perhaps, more importantly, encourage leadership, teamwork and creativity on a school-wide scale. All of these ventures create lasting memories for those involved. What more could a teacher ask for? M.D. Uttley

Upper School House Performing Arts and Talent Show ‘Three things are needed for a good life; good friends, good food and good song.’ Jason Zebehazy This year’s House Performing Arts and Talent Show provided two of the above in bucket loads. The food side of the equation was most definitely taken care of by the kitchen staff since it was Friday and therefore fish and chip day! Due to the extremely busy and lively extracurricular calendar at school, this year we decided on a slight change in tactics. 2010’s competition became a more informal affair and took place in the Ager Room - one ‘unassuming’ Friday lunchtime. The audience were invited from amongst the performers’ friends, teachers and peers. Having said that, what started as quite a humble affair soon snowballed into another huge display of Tettenhall talent. Possibly the greatest of all spectacles being the sight of some 70 audience members squeezed miraculously into the Ager Room in order to support the acts and the Houses; some feat! Bantock’s Harriet Hommers began the proceedings with an extremely chilling rendition of – ‘Your Daddy’s Son’ – from the musical ‘Ragtime’. Fellow ‘Bantockonian’ Rachel Lawton wowed the audience with her first performance to date in this competition in the shape of a very melodious version of Pixie Lott’s ‘Use Somebody.’ A tantalising display of further musical talent was on offer from across all four Houses. For Haydon the double whammy of Faye and Kelly Paterson crooned their way into the top 5 with two very contrasting pieces from musical theatre. Faye’s performance of ‘See I’m Smiling’ – from ‘The Last 5 Years’ took us on a real emotional rollercoaster of love, hate and despair while Kelly’s portrayal of Audrey in ’Somewhere That’s Green’ from ‘The Little Shop of Horrors’ perfectly portrayed the American housewife’s dream of an idyllic future – complete with ‘washer, dryer and ironing machine’... what more could a girl want? Not to be outdone, Haydon’s super siblings, Chloe and Aimee Fisher, won valuable points for their two solo performances. Congratulations to Chloe on her first performance at a T.C. Talent show with a charming

performance of ‘There You’ll Be’ by Faith Hill. Aimee Fisher’s interpretation of the ‘Ragtime’ classic ‘Your Daddy’s Son’ – gained a chart topping 10 out of 10, winning the accolade of ‘Most haunting performance’ of the competition – without any help from the Colonel himself! Nicholson’s musical giants did not disappoint with two fantastic performances from Olivia Nash and Amanda Hughson. The smash hit musical ‘Wicked’ provided the inspiration for Olivia’s spellbinding performance of ‘I’m Not That Girl’ followed hot on its heels by Amanda’s beautiful version of ‘Somewhere Over the Rainbow’ which won the title of ‘Most magical performance’. The second set of full marks in the competition went to another Nicholson hero, Oliver Rudge, whose original composition for voice and guitar, ‘The World We Live In’, proved an excellent example of the phenomenal talents that stalk the corridors of the Jack’s Block, often unbeknown to the rest of the world! Perhaps the most unexpected musical offering this year came from Haydon’s very own Maisy-Kay Kendrick. Proving whole-heartedly that good things can most definitely come in small packages, Maisy-Kay’s voice was anything but tiny as she belted out the joyful notes of ‘Hairspray’s’ ‘Baltimore’ to a gobsmacked audience. Her fabulous performance crowned her as ‘Best newcomer’ and helped put Haydon firmly on the map. ‘Acting deals with very delicate emotions. It is not putting up a mask. Each time an actor acts he does not hide; he makes himself vulnerable.’ Jeanne Moreau There is no doubt that performing in front of one’s peers in such an intimate venue is an extremely challenging task. This year’s acting contributions sensitively tackled a wide range of complex emotions and were extremely well received by an appreciative audience who clearly respected the nerve, talent and focus of the performers. The acting kicked off with the comic paring of Scott Place and Zach Oakley who earned marks for both Nicholson and Pearson with their duologue from ‘Blood Brothers’ which superbly captured the contrast between

two boys from opposite sides of the tracks. On a more serious note, Olivia Nash provided us with a real tear jerker in the role of ‘Eva’ from a play entitled ‘Treehouses’. This emotional monologue looked at Eva’s feelings surrounding the funeral of her father and Olivia’s highly moving performance truly captured the character’s sense of loss and grief. Haydon’s Isabella Fisher skilfully brought to life the role of Emmott Sydall in her monologue from ‘The Roses of Eyam’ a play based on the true events of the Derbyshire village of Eyam. The villagers’ self-imposed quarantine famously halted the spread of the Black Death but at great cost to themselves. Amanda Hughson’s second performance of the day for Nicholson was the poetically moving monologue, ‘Adult Child/ Dead Child’, which looked at the father/son relationship, starting with happy memories of childhood ‘Cowboys and Indians’ to fear of a more violent and destructive father in later years. Bantock brightened the mood with two hilarious offerings. First from Matthew Wickens and his edited version of a ludicrous speech from Tom Stoppard’s ‘Rosencrantz and Guildenstern are Dead’ where the speaker contemplates what it would feel like to wake up ‘dead, in a box.’ Good comic timing and a well-cultivated actor-audience relationship made this piece of true black comedy highly entertaining and won Michael the esteemed competition title of ‘Oddest character.’ The hopes and dreams of a young cocktail waitress formed the basis of Harriet Hommers’ second contribution to Bantock’s coffers with an endearing performance of a monologue from ‘Shakers Restirred.’ Faye Paterson tackled the bard with true aplomb and a cracking West Country accent as she played ‘extremely hard to get’ with her portrayal of shepherdess Phebe from ‘As You Like It’. So, with the acts acted, the performances performed and the songs sung, it was time to turn to the serious business of the day and the winner of the House Cup. Eighteen acts had run the gauntlet but only one House could walk away with the prize. With only 4½ marks between all the placings, I don’t mind risking a cliché when I say wholeheartedly that it really

Upper School is the taking part that counts. I think the fact that most of us forgot that this was a competition with marks to be awarded highlight the point that this event is a Talent Show – and show our talent we certainly did! However, there were engravings to be done – so.... with all marks tallied and verified, it was my duty to announce that this year’s cup would sport the proud name of Nicholson – who narrowly scooped the prize with an impressive

36.5 out of a maximum of 40, just one mark ahead of Haydon who came in second with Bantock and Pearson coming in third and fourth respectively. As always, heartfelt congratulations to everyone who braved the boards and who this year had to contend with the rather intimidating proximity of a very appreciative audience in this year’s new venue. As the audience steadily grew, so the stage space steadily shrank! So for one less-than-ordinary Friday

lunchtime, T.C. again went on to prove that ‘All the world's (or at least one highly populated corner of Towers was) a stage’ and that the super talented pupils of this incredibly talented school took their place as players ‘with their exits and their entrances’ and with many of them paying many parts to an exceptionally high standard! Bravo! MD Uttley

Geography Field trips play an integral part of the Geography Department. We had Year 7 pupils visiting the Wrekin. Year 8s visited Ironbridge power station and Epson as part of an industrial unit of work. GCSE students visited Carding Mill valley in order to collect data for their coursework.

The Geography department has also gone online now and our Year 7 pupils entered a competition to design their own on line pages. Michael Broome and Luke Habgood won £25 of itune vouchers.

Upper School English as a Foreign Language Our international pupils are a most positive and enriching aspect of life at Tettenhall College. Pupils come from a wide variety of countries and cultures including Russia, Germany, Portugal, France, India, Vietnam, Hong Kong, mainland China, South Korea and Japan. It is the aim of the department to support these pupils in small groups and on an individual basis, in order to help them achieve their academic goals towards good GCSE and A level results. Some of our pupils win prizes for excellence in their academic work, such as Dat Duc Nguyen in Year 12, who won the Ely House Trophy this year. In addition, external English language exams are regularly taken by most year groups. These include the Cambridge suite of exams (KET and PET for schools), the International GCSE in ESOL and the IELTS exam for sixth formers. Success in the latter exams enables pupils to enter a British university. Excellent results are obtained through hard work and high motivation. Cultural trips enhance the learning experience, such as a visit to Coventry Transport Museum and a theatre trip to the Pantomime 'Cinderella', giving authentic practice in listening skills. Cross curricular projects, such as those on Chocolate, London, Endangered Animals and Teenage Problems, reinforce learning. A Year 9 project on Tettenhall village, for example, helped pupils to understand the location in which they live and work. It included research on local facilities and businesses, as well as interviewing

members of the retail community and local families. John Rice, one of our governors, kindly came in to be interviewed. To use all four language skills in such an authentic environment was very valuable. One group was invited to a Japanese home for a typical Japanese lunch and subsequently researched recipes from different nations. Our librarian is most supportive and gives of her time to read interactive stories, such as on Valentine’s Day and Hallowe’en, holding the pupils’ attention as she brings stories to life. Oral presentations by Year 12 pupils on a variety of topics broaden outlook and develop understanding. Learning about the Loch Ness Monster, the Nobel Prize Winners and Vietnamese food were informative and lively. In addition, lunchtime discussions for Year 12 and 13 pupils were held weekly in the staff dining room. A different member of staff kindly joined Ms Stone each week to facilitate the engaging chat and discussions! Life is not all unremitting toil. Regular Year 11, 12 and 13 outings to the cinema were popular, as was the visit to Oxford. This latter visit included an Open Top Bus Tour of the city, punting on the river and visiting places of interest. At a Chinese buffet meal, we said farewell to one of our Japanese pupils, who has been at the school since Year 7. Pupils learn as much through these events of interest and activities. My thanks to my colleague Mr Higgs for his help and support. D. Stone

Dat Duc Nguyen - top academic scholar Lower Sixth

Farewell meal for Shoya Abe

Japanese meal, Grace Gao, Arisa Onitake, Y9

John Rice (Governor) with Yr 9 pupils

Tony Wong, Head of Boys' Boarding House on EFL trip to Oxford

Upper School History - Lessons from Auschwitz

I was in Lower School setting up work for my Year 6 history class as I was going to be away the next day. ‘Where are you going sir?’ (The usual question from the children.) ‘Poland,' I replied. ‘What are you going there for sir?’ ‘To visit a place called Auschwitz,’ I duly responded. ‘What’s Auschwitz sir?’ And there in that one inquiry was the reason for my journey the next day and also the problem that teachers of the Holocaust have. When should the topic be introduced and how do you teach young children about such events in history? Six million individuals were brutally murdered in the death camps between 1939 and 1945, 1.2 million at Auschwitz alone. The murders were committed by people living in a developed Western European country less than 75 years ago. The perpetrators were often the victim’s fellow citizens, neighbours, friends and colleagues of 10 years before. Did I have an answer that would be appropriate for an enquiring Year 6 mind? In order to help answer these questions the Holocaust Education Trust exists to educate teachers about the best ways to teach the Holocaust and to show the contemporary relevance. In an age that has seen a marked increase in anti-

Semitism, racism, prejudice and in the number of people who would deny that such events ever happened, their work seems even more important. The Trust provides educational programmes for teachers and students to foster debate among its contributors on the lessons to be learned, and then delivered to students following its 3 day course, that includes a one day visit to the Auschwitz I and Auschwitz Birkenau sites in Poland, testimony from a holocaust survivor and discussions on devising practical ideas for delivering meaningful lessons in school. This year myself and Mrs Taylor represented Tettenhall College in attending the course. ( Mrs Taylor’s valuable personal recollections and feelings as a lay historian are given elsewhere in the magazine.) At Tettenhall College students of history cover the period in Year 9 as part of their Modern History modules on Dictators and World War II. The History Department has always seen the inclusion of the Holocaust topic as an essential part of a curriculum that should educate and inform students through the interpretation and evaluation of contemporary evidence. The 27th January each year is designated as World Holocaust Memorial Day which is noted in college assemblies and there is a permanent display of some of the issues in my

classroom to provoke pupil reaction and comment. It is a common belief that younger children think that teachers inhabit the rooms that they occupy and at 4.15 they get into their cupboard and are then wheeled out at 9.20 the next day, word perfect, to perform again! Thankfully we do have lives outside the cupboards and we still do want to learn and improve our teaching methods . I have taught History for almost 30 years and my knowledge of the Holocaust has been built up from books and the numerous excellent documentaries to be found on the TV. However, to be able to convey this event to the 13 year olds in Year 9, to be able to give an answer to the Year 6 question given at the beginning of this article or to give a whole school assembly on January 27th raises real difficulties. The complexity of the subject matter and the importance of the lessons to be learned, coupled with the abstract nature of the events, when compared to most of our lives today, means that we as teachers have to consider the method used carefully if we are not just to bombard our charges with cold facts and military photos that reduce the victims to the way in which the perpetrators wanted us to view them; as dehumanized units to be exterminated for the ‘benefit’ of mankind rather than real people with families, history, hopes and aspirations. ‘Hearing is not like seeing’ (Rabbi Barry Marcus - United Synagogue) (Rabbi Marcus is a practising rabbi and teacher who accompanied Mrs Taylor and I to Poland and led the memorial service outside the remains of Gas Chamber & Crematoria II) It is possible today to visit numerous web sites that deny that The Holocaust ever happened. In fact there is one Middle Eastern country whose leader publicly subscribes to the view that such events are a western conspiracy. Our young pupils are open to the same theories and mass media hype but lack the knowledge to adequately filter the truth from the propaganda. It is the teacher’s role to act as their guide and present the evidence to prevent the stereotyping of people and the airbrushing of historical events from the collective memory. How to do this?

Upper School The British Holocaust Memorial is located at Newark in Nottinghamshire. In April all of Year 9 attended a presentation given by Rudi Oppenheimer. Rudi, a German Jew, was 14 in 1945 when the British troops liberated Bergen Belsen Concentration Camp and the world saw for the first time the results of the Nazi’s ‘Final Solution’ For 90 minutes Rudi talked and answered questions about his life before the war and the experiences of his family during the period of the Holocaust. His grandparents were gassed at Sobivor and his parents died of typhus in Belsen. The power of such testimony was clear. I watched every one of Year 9 as they listened and saw a man who had lived through what others would deny. All were affected by what they saw and heard and I was impressed with the way that the children seemed to know that this was important and worthwhile. It was this visit that inspired me to attend the' Lessons from Auschwitz' training scheme which would include a visit to Auschwitz itself. Time then to ask the question; ‘Where are you going sir?’ ‘To visit a death camp.’ Taken at face value, to undertake such a journey would appear odd and questionable. As Rabbi Barry Marcus goes on to say there are many more reasons not to go: Over 60 years have elapsed – is it time to move on ? Time to forgive and forget? Life is complicated enough without having to face the past. It is too difficult a subject to face in the place where it happened. ‘Those who do not learn from the past are condemned to repeat it’ The visit to Auschwitz caused me no problems beforehand. I had always wanted to go and in some ways it seemed like a duty. If I could not take each of my students personally I owed it to them to record my feelings and report back to them in the hope that my testimony could be more tangible than the text book and DVD versions back in ‘safe’ 21st century Wolverhampton. There have been 85 recorded incidents of genocide in the world since 1945. It would appear that we have not learned

Contemporary German SS photos of a Jewish transport arrival and then subsequent selection process for gas chambers set in front of my modern image of the same place at Birkenau.

our lessons. Some 200 teachers would make the journey on 23rd June 2010. They were from many different disciplines but all expressed in the pre-visit seminar that they had a need to visit the place to enhance understanding in the hope that their teaching of the subject would improve. We were all warned that the effect of the visit on us would be different and some may suffer a delayed action or even feel guilty that they did not feel shocked or moved by the experience. One of the key discussions was whether it was appropriate to take photos, and if so, what photos should we take when there were so many contemporary photos of the persecution in existence? One point was made: most photos from the 1940s were taken by the German perpetrators and therefore portrayed their victims as just that, victims. Should we ever show such images to students at all because we would be perpetuating the Nazi ideological view

Mirga Amela - One face among 1,200,000 but a real person. She reminded me of my Yr 9 girls. The dates below her name state she died after 5 months in the forced labour camp in 1942.

that these people were ‘untermenschen’?‘ (sub humans). It is possible to reduce the teaching of the Holocaust to lists of numbers taken, processed and exterminated just to tick the curriculum boxes and to state job done!

The railway ramp at Auschwitz Birkenau. Built to handle the influx of some 400,000 Hungarian Jews arriving in the summer of 1944. Over 75% of those leaving the trains here were ‘selected ‘ then walked to the ‘showers’ and were dead within 2 hours of their arrival.

Upper School

Memorial tablet at gas chamber II

Cutlery collected from luggage in ‘Kanada’

To do so is to condemn the victims to the same dehumanizing and statistical exercise practised under the extreme rational thinking of the Nazi regime. The One of life’s wishes In life there are some things that you hope to do, see, experience, visit, achieve, call it what you will, for some reason or other. I count myself lucky that I have been able to do some of these things. As a young 14 year old, in my third year of secondary school, I sat in my History class and listened to my teacher. I was captivated by what she was telling me and was fascinated by her accent which was so different to mine. She was quite new to the school and I remember liking her from the moment she started taking the class. Her lessons were always so interesting. Maybe it was because of the way she got the facts across through stories or her broken English, but I would hang on every word and always listened attentively. She was from Poland; her parents were Jewish and were originally from Czechoslovakia but had moved to Warsaw. Her stories of the Second World War fascinated me. The details and facts were told quite so because she had experienced it. I remember how passionately she spoke. Sometimes she cried. It was quite strange for a teacher to cry but somehow I knew that it was

event is more relevant and important today when racism, religious bigotry, political intolerance and terror have not been banished from human society. This makes the need to learn about the Nazi ‘Final Solution’ and how it was made possible essential mail. There is one area of Auschwitz where the numbers can be transformed into real lives and people. ‘Kanada’ section dealt with the personal possessions of the thousands of people ‘processed’ by the camp between 1942 and 45. Here are the thousands of neatly named and labelled suitcases left by their owners as they undressed to take their ‘showers’. Here too are the pairs of shoes also dutifully left at the same time and the personal artefacts packed hurriedly into suitcases, their owners having been given 5 minutes warning to leave home. No photographs are allowed of these and none are needed. To stand close to these objects is to place names to the numbers and to see the real people again, as portrayed in the displays of family photos found in every suitcase. On my return to T.C. the next day many colleagues came to me and began to ask ‘Did you have a good day yesterday?’ They then stopped alright for her to do so and when that happened we were all very quiet and inwardly moved. During this time she taught us about the Holocaust and the extermination of the Jews at death camps all over Poland and Germany. She was a young girl during the war and when Warsaw was invaded and occupied by the Germans, her mother and father paid to have her smuggled away. They gave away all their valuables, jewellery, paintings in fact anything that was worthy of a good price. They paid for her safety. She went to live with relatives in Belgium who were actually Catholics. Here she stayed throughout the war, forced to take on a different identity in case of capture. I remember vividly her telling us how her parents had been rounded up and made to wear the ‘yellow stars’. They had to live in the ghetto and found life very different there from what they had been used to. Her mother, father and grandparents were eventually transported to ‘Auschwitz Birkenau’ where they stayed and for a time worked in the camp, but alas like so many others eventually perished. I was so moved by this story that I vowed that one day I would go there to see for myself. On the 20th June, 2010, Gary Raine and I were able to do just that. There is an

Pre war Polish photo found in ‘Kanada’ Few if any of the these people survived

themselves and said that ‘good’ was perhaps not the most appropriate word to use. There are few words to adequately describe such a place, but I was glad to have made the trip and for the next 2 days gave presentations to all my Upper School classes at their request. I still did not feel able to do this for Year 6 but was pleased that many had seen or read ‘The Boy in the Striped Pyjamas’ - perhaps the best starting point for those so young. G J Raine Tettenhall College History Department July 2010

educational programme open to schools called the ‘Lessons from Auschwitz Project’. Pupils from Tettenhall have been involved in this project in the past and it is ongoing. We flew from Manchester airport at 7.15am and arrived at Krakow just after 10.30. It was a short coach drive to our first stop, a Jewish cemetery on the out skirts of ‘Oshwiecim’, where the World Heritage site of the Auschwitz camp is situated. Unfortunately, due to the unexpected traffic we didn’t have time to visit the cemetery so it was straight onto the first part of the camp a few kilometres down the road. As we drove into the car park, to say I was a little shocked, would be an understatement. It wasn’t what I expected at all. Coaches, guides, tourist shops and ice-cream kiosks; I felt disappointed that this place of such misery had been commercialised to this extent. The education programme has the most well-informed tutors. Our first meeting with the party was the week before in Manchester where we spent the day speaking to the tutors, watching presentations and having group discussions. They filled our head with information and ideas which made us think and question why we wanted to know more about this subject and how it

Upper School could be presented to children in lessons. It was good to meet other teachers who had decided to come on this trip, all for a variety of reasons. One of the highlights of the day was meeting a survivor of the Birkenau camp. He was a polish Jew who now lived in London with his own family. He was well over 80 and was called Zigi Shipper. He travels around schools, in support of the project, to inform his listeners and to teach lessons on how this should never be forgotten. To listen to his stories was unbelievable. He gave us a full account of how he got there, what happened and how he managed to survive. The ‘Auschwitz’ camp was brick built because it was formally a barracks for Polish soldiers. It had been taken over by the Germans on their occupation and the first prisoners who were housed there were doctors, lawyers and men and women who were well educated. It was run by a man called Reichsfuhrer SS Heinrich Himmler. I walked under the famous gates ‘Arbeit Macht Frei’ (work makes one free) and paused for a second wondering how many poor suffering souls had marched under here thinking those words were going to be true! The tour of the museum was very well organised. We had a Polish guide who was extremely knowledgeable. We were well equipped with earphones and a personal recorder so that we could be anywhere and could hear the guide. That was extremely useful as I was to find out. I wanted to immerse myself in the history and Gary felt the same. Each block contained authentic documents, photographs, clothes and personal belongings of the prisoners. I remember one block we went into: there were at least four rows of framed photographs on each side, women on the left and men on the right. Some of the pictures had flowers attached where people had placed them out of respect. I couldn’t help thinking they all looked the same. The frames were exactly the same, the uniform they were wearing, even the background of the photograph. All the pictures had dates listed underneath, the entry date and their departure. Some of the dates were only a few days apart meaning that they had only survived there for just a short time. The torture block was horrific. Why could anyone make another human being suffer so much? To make six grown men stand in a square metre of space, in the dark with no food, for as much as three days. Tiny spaces for one man crouched up and dark rooms with just a small hole for air, kept there for days on end! One room was for undressing before being marched and executed against a stone

wall. This wall is now a shrine lit by candles and covered in flags and flowers. One block contained suitcases which had been emptied of personal belongings. Hundreds stacked high upon each other, all with their names and dates of birth written on the outside so they could be found again by their owners. Another part of this block contained shoes, hundreds of them behind the glass. Other cabinets were full of tiny clothes, toys, baskets, shawls, glasses and human hair. They used the hair to make blankets. Apart from the commentary, everyone in our group was very quiet. We had been warned that these scenes may affect us in different ways. The stones beneath our feet, barbed wire and sentry boxes still remain, even the gallows where Heinrich Himmler was executed. If you imagined hard, you could hear the boots marching and with the signs of ‘Halt’ it all made the place feel quite terrifying. How brave these people were but how abused and humiliated. No words in the world are fit to describe the horror. A few minutes down the road we travelled by coach to ‘Birkenau’, which was the death camp. The road ran parallel to the train tracks and both led to the same place. The tracks were rusty and overgrown with weeds and grass now but still looked frightening. There were some houses but they must have been built since the war. This place looked quite different from our previous stop. To me this was the place I remembered from pictures. This was what I had seen so many times in the books that I had read. The main sentry house stood on top of the brick entrance and we climbed to take a look out. What I saw surprised me! I was not ready for the sheer size of this place. Each way you looked, forward to the left or to the right your view was the same. Sixty-five years on and you could make out where the buildings had been. There was grass here, long and tufted and the ditches were still visible that had been dug by the prisoners for drainage. There was no grass before, only dirt and mud; the grass has grown since. The two rusty rails continued their journey forward as far as the eye could see; each rail linked by wooden sleepers and surrounded by broken stones. It was a sunny day. It was warm but it felt cold. There was a strange silence. We walked into a barrack which had been preserved. The bunks were made of wood. Three or four men or women, depending on which part of the camp you were assigned to, would sleep in the bunks and there could be up to a thousand humans in one barrack. There

were no blankets, just straw. On entry each person was given a metal bowl. This was for food, for washing, for toilet use. If you lost the bowl you didn’t get another. If you wanted to eat in the morning you wouldn’t wash because there was only water for so long for washing and this was available when food was shared out. This was one reason why so many died in the camp. They caught typhus from lice and became very ill. Not many survived typhus and if you were known to have typhus you were shot or sent to the chambers. We walked on alongside the tracks. There were no paths. I didn’t walk along the iron tracks themselves, no one did at this time. It was as if they were sacred or something and it seemed to be disrespectful to do so. We walked. We came across the platform that was used for selection. A small area in fact, not that long! Here the captives would disembark the cattle trucks and be told to go either to the right or the left. If it was the left they had only a short time before their life came to an end. If it was the right then they worked in the camp. We continued to walk on until the tracks ran out. We could see the remains on the left and the right of the two crematoria. These had been destroyed by the Germans before the Russians arrived. Our guide showed us the steps down which the victims would walk before undressing and going into the chambers. A gas known as Zyklon-B was used to kill hundreds of thousands of Jews, gypsies, homosexuals, the disabled, the elderly, small children. It was in pellet form and would be dropped through openings in the top of the roof. I had read about this but couldn’t believe what I was now seeing. Was this how my teacher’s family met their deaths? How could anyone not believe it had happened? The shrine at the end of the camp, made of marble and granite, is flat with monuments engraved in every language. These were draped with flags, flowers and piles of stones. It was quiet here. We walked on through some trees. We saw birds and it reminded me of something I had read somewhere that no birds sing in ‘Birkenau’. We heard birds singing and it was peaceful. We walked on and were taken into a building which was like a large shed. Now, this was the furthest most building away from the main camp. There were no others. It was where the suitcases came to be opened and where the belongings were sorted out. Anything valuable was sent back to Germany to be sold for the ‘Reich’. This place was called ‘Kanada’. Prisoners who got to work in here were lucky. They were warm, fed and, if they were careful, managed to

Upper School find extra food in the case. The stone floor was cold and there were stone benches all around the inside. However, in the middle of the room there were now large display boards all completely covered with photographs which had been recovered and restored. These photographs told stories. They were real families showing real family life. As you read about each family it was just like reading about a neighbour or someone that you know well. You couldn’t help but feel that you knew these people. That was quite difficult to take in! I think one of the saddest moments was when our guide stopped us to look at what appeared to be some sort of square glass container quite close to the building. Work is ongoing to restore and preserve this site so archaeologists are always discovering new ‘finds’. This container was full of very personal items that must have been in the suitcases: metal spoons, combs, hair brushes, buttons – hundreds of buttons and cufflinks and shirt buttons. Gary and I picked a couple of them up to examine more closely. As we turned them round in our fingers our thoughts were of their history; where did they come from, who did they belong to? We both felt very humble.

Finally as early evening approached, we gathered together with the rest of our party and stood by the remains of the crematoria. On each of these trips a Rabbi from London travels with the group in order to take a final service. He had selected some of the group to read a poem or an extract from a book. These were all very moving. He then said that he was going to sing a prayer which is sung at Jewish funerals. This was a very emotional time for a lot of the party. His chanting was done with the greatest of respect and all other visitors who were close by stood and listened in silence. It was beautiful but full of sadness. My thoughts at that time were with the poor victims who had perished on this very spot on which I was standing. I imagined that they may have sung like this too in their barracks in order to comfort those amongst them who were frightened or sick. Our last task was to light candles and place them anywhere you wanted to. A lot of the group put their candles on the remains of the crematoria, some placed theirs on the shrine, many were put on the tracks themselves. I lit a candle for the both of us (one candle came home to school to show the children) and we put it near to the selection platform. It

flickered for a while and then was a ‘calm’ light. We were heading back and both Gary and I walked alone. Both of us were deep in thought. Gary walked along the platform and the grassy path, I walked along the track, touching every sleeper with everyone of my steps. It was if I had to make my mark on every sleeper. I could not miss one, just like a childish game. For a few minutes I was a child again. I had imagined myself doing this one day and I was very grateful that I had been given the chance. It had been a long and emotional day, one that we both will remember. A day that brought home to us actual stories and happenings that took place there. On returning to school, Gary was so moved by the whole day that he told his classes all about the trip and what had happened at this time in History to the Jews at the Auschwitz-Birkenau camp. How life goes round! Once when I was a child I sat and listened to a gifted teacher who made the stories real. I hope one day when those children, who listened to a gifted teacher, they too will travel and see it for themselves. Mrs Jan Taylor

Auschwitz

Blocks at the camp

The execution wall

Perimeter electric fence

The gates to Auschwitz

Upper School Birkenau

Birkenau camp

Memorial service

Place of service

Remains of gas chambers

Selection process

Wooden barracks

Walking back

Upper School Mathematics The year commenced with excellent 2009 results. At GCSE 33% gained A or A* in Mathematics and there was 100% pass rate in statistics. In ‘A’ level Mathematics 71% achieved grades A or B and all pupils passed the ‘A’ level. In Further Mathematics 100% achieved grade ‘C’ or better with 60% achieving grade A. In November a team of senior pupils

really enjoyed taking part in the Senior Maths Team Challenge and are very keen to participate in the event next year. At the end of the Autumn Term Mrs. Cooper started her maternity leave, and I am pleased to report that baby Adam was born during the Spring Term. Mother and baby are both very well. Dr. Lawley was appointed to the Mathematics Department and has made a very positive start to his career at Tettenhall College.

Mr. Dyer has been appointed to a school nearer to his home. He has made an excellent contribution during his 4 years at Tettenhall and he will be missed. I would like to thank him for his help, support and friendship and wish him well for the future. In September 2010 the Maths GCSE changes and this will prove to be an interesting time for the development and future of the Mathematics Department. S Lawrence

Modern Foreign Languages French Year 11 students enjoyed some extra conversation classes after school in the Spring Term. Indeed, they had the opportunity to meet Mlle Marion Norek, a French native speaker, who kindly offered to work with our students, helping them to develop their conversation skills in her after-school KS4 club. The club was well-attended and our students were very positive about this experience and were grateful for the extra help Mlle Norek gave them. In February, our Year 10 and 11 French students had the opportunity to attend a French play, titled ‘La Chambre de Jean-Paul’, performed by Onatti Productions. This visit proved to be an invaluable boost to those students who saw the play, only a few months before their exams, as it allowed them to revise key GCSE vocabulary and topics. We all enjoyed the experience and we were lucky enough to have been able to meet and talk with the two French actors after the performance. The whole afternoon was a success

La Chambre de Jean-Paul

T.C. welcomes a German visitor

and we are looking forward to repeating a similar experience next year and also finding a performance for our Spanish and German students to attend with equally positive outcomes.

German connection We were fortunate to host two teachers from Germany in the Autumn Term.

They did add a flair of authenticity as they both came from Thueringen in the former Eastern part of Germany and contributed to our preparations and celebrations of the 20th anniversary of the fall of the wall. Pupils enjoyed too their support in the classroom as they were able to practice the speaking skill in pairs. Frau Elsner, pictured above, came back on a private visit after coming via the British-German connection scheme last year. Knowing the school enabled her to settle down quickly. Both visitors took back a lot of material and photographs of Tettenhall, somewhere in Thueringen Tettenhall College has become a familiar reference for many German pupils! We shall host another colleague again next year. Helene Compain-Holt (German) Laure Teulé – Head of MFL

Music This has been one of the busiest musical years we have had, with some fantastic opportunities for the children. As well as the normal annual programme of events, (the Carol Service, termly concerts, House music competitions, the Lower and Upper School musicals), there have been several notable extra experiences – the visit of the Eschersheim Youth Choir from Germany, singing in the Royal Albert Hall, a Frankfurt Choir Tour, and the professional productions of ‘Whistle Down the Wind’ and Agatha Christe’s ‘Witness to the Prosecution’.

Four of these events (Albert Hall, Frankfurt, Whistle and the Upper School show) all happened in the Summer Term. Two were planned well in advance (Frankfurt and the show), the other two opportunities arrived last minute but were too good opportunities to be missed, but it did mean that we had to rehearse for four big events at the same time which pushed us to the limit. However, the rewards were so worth it.

Autumn Term During the Autumn Term, quite a few new pupils started to have individual instrumental tuition, and along with those already having lessons, our team of nine visiting teachers taught 145 lessons each week. This is an encouraging number, and I thank the

visiting music staff for their enthusiasm and dedication. The exam results this year have been outstanding again, with 100% pass rate; 52 pupils took exams, 23 gaining merits and 16 getting distinctions. German Visitors In October, after many months of planning, we hosted a choir from Frankfurt. The Eschersheim Youth Choir are used to travelling abroad, they do so most years. This year it was their 45th anniversary and they stayed with us for four days, before going to Canterbury. Some stayed with our families and some stayed in the York Hotel. We organised two concerts for them, the first in Codsall church and a joint concert with our choirs at the College, and then we enjoyed a day with them at Alton Towers. The concert at school had to be held in the chapel due to renovation of the Theatre. With 55 in the visiting choir and over 70 in our combined choirs, I knew that, with the audience expected, it was going to be rather full in chapel.

Upper School

German choir at Tettenhall

I had organised our choirs to rotate sitting down, and to wait on the stairs before they sang! I have never seen chapel so full – there wasn’t a single spare seat, and there were even three people sitting on the organ stool. The visiting choir, a community based choir with a wide age range, sang first and their conductor, who formed the choir 45 years ago, has not lost any of his youthful energy. Singing Spiritual songs, he soon had our (English reserved) audience joining in and it wasn’t long before the whole chapel was on its feet, waving and singing along. I have never experienced anything quite like it. Our choirs followed and they were already warmed up and totally relaxed. We sang in a totally different style to their choir, and we performed with a beautiful quality of sound and gave a disciplined performance. Charity Concert In November, we took part in a charity concert in Brewood church, arranged through our violin teacher, of many years, Mrs Lewis. The Brewood organist, Mrs Jean Martin, who is a well known theatre organist and Colette Todd, an opera singer, joined us for a most enjoyable evening of music making. Over £1000 was raised for Cancer Research. Carol Service The annual Carol Service followed the format used for many years, a traditional service of lessons and carols in which all the school choirs took part, the Drive School, the two Lower School choirs and the Senior Choir, supplemented by staff, parents and friends. There was a mixture of traditional and modern carols and the standard again was very high.

Spring Term In the Spring Term, the highlight was the Lower School Musical. Since 1992 the Lower School has put on a full scale musical with all the children involved. This year, the musical was ‘home grown’ with the libretto written by a Year 6 parent, Mrs Helen Woodman and the music written by our own Assistant Director of Music, Mrs Carina Whiting. A full report is in the Lower School section. The children and staff worked so hard and ‘The Book’ was a great success. My congratulations to all the performers, but in particular to the three lead roles who had so much to learn, and they performed with a maturity beyond their age. 'Witness to the Prosecution' For many years we have provided the children for Bill Kenwright’s professional shows, and last year we also had to provide some adult extras for the show ‘Evita’ at the Grand Theatre. Several staff and parents enjoyed this experience. In March we were asked to provide some extras for the Agatha Christie play, ‘Witness to the Prosecution’. Again, staff and parents took part as jurors, barristers and members of the public. Summer Term The Summer Term programme was congested, to say the least. The first event on May 15th was a concert in the Royal Albert Hall. The event was to celebrate the 90th birthday of Sir David Willcocks, the celebrated English composer. I had seen the concert advertised and applied for our choir to take part. The music for the concert was standard large choir repertoire (Viavldi ‘Gloria’, Handel ‘Zadok the Priest’ amongst others) which we would

Ian Wass and the German Visitors

not normally attempt, but I felt that the opportunity to sing in such a fantastic concert hall was not to be missed. Having learnt the music (the Vivaldi in Latin!) we headed for the Royal Albert Hall, taking two coaches and cars, 60 singers and 118 parents in total. We were part of a choir of nearly 2000, and very few of these were from schools, most were adults. The rehearsal in the afternoon, taken by Sir David, was long and we were very high up in the Dress Circle, so it was very difficult to hear and very difficult to sing in time with the orchestra and conductor. However, we managed. The evening concert was exciting. It was a great experience singing in one of the most famous concert halls in the world, one which most children will not get again. Choirs visit Frankfurt Two weeks after this concert, we headed off to Frankfurt; 28 singers and 21 parents left T.C. for a six-day tour. The Eschersheim Youth Choir were celebrating their 45th anniversary and their present conductor and founder of the choir invited us over to join in their celebrations. The basic itinerary was two joint concerts and 2 days sightseeing. The journey by coach and Eurotunnel was long. Having set off at 5.30 am from T.C., we arrived in Frankfurt at 9.20 pm. Half of the choir and parents were staying at a motel, the rest with German families. They were all there to meet us and gave us a fantastic welcome with flag waving, cheering etc. On our first day, we had a big concert with the Eschersheim Youth Choir. This choir is supported by Frankfurt City council and many local businesses and it does a lot in the local

Upper School community. There were many politicians, local dignitaries and business leaders in attendance. After a lot of speeches, the concert started with the two national anthems, and the European Anthem with much flag waving. The Eschersheim Choir sang first and we followed. We were well rehearsed, but I have not seen the choir so well focused and we sang the best I have heard them and we received a rapturous applause. After the concert, we enjoyed a buffet and disco and there was a great party atmosphere. On day two, we enjoyed a tram ride around Frankfurt before everyone went to a German family for Sunday lunch and the afternoon. In the evening, we performed in our second concert in Saint Catherine’s Church in the centre of Frankfurt. I was worried that after the fantastic party atmosphere of the Saturday concert and having sung so well, we would not be able to reproduce the same standard. We sang with such focus, the acoustics of the church were good and we sounded angelic-like. At the end of our last piece, the applause was loud and as I turned around to acknowledge this, the whole audience were on their feet giving us a standing ovation. It was very moving and for the choir, well deserved. On the third day, we had an early reception (10.30 am) with the Mayor and important members of the City council. This was held in the Emperors Hall in the centre of Frankfurt, a place where public are not allowed. A huge Union Jack had been hung outside to welcome us. We were greeted by the Mayor’s representative and invited to sing, before a long

Flag waving before the Celebration Concert

Emperors Hall Reception

speech (thankfully translated for us) and then I was invited to ‘reply’, which again was translated (giving me time to think what I was going to say next!). After this, they provided drinks and pretzels whilst we talked to our hosts. We then enjoyed a boat trip and a traditional frankfurter lunch and then visited the Cathedral for a short time, and whilst we had not arranged to give a concert there, we did sing one item. The acoustics of the Cathedral were amazing, about a six second echo. We sang a slow piece called ‘The Prayer’ and the sound was incredible, after each line of music we paused and you could hear what we had just sung, going around the building. After we finished, I joined my host who had been listening and he was in tears, very moved by what he had just heard. After this, we all had time to explore shopping and seeing the sights in Frankfurt. On the final day of the tour, we had a day out in the Rhinegau area, about an hour’s drive from Frankfurt. We were

lucky with the weather, glorious sunshine. We visited a mechanical music museum which houses the largest private collection of instruments ranging from very small musical boxes to big fairground organs. Following this, we went on a cable car ride up to a very impressive monument built for the unification of Germany with a fantastic view down to the river Rhine. (photo 7, 03443) After a photo shoot and a quick impromptu sing (we had quite an audience), we then walked through some delightful woods and made our way down via a very steep ski lift to the Rhine, where we got on a boat and headed back to where we had started. The tour was a wonderful experience. Several parents who came with us wrote to me afterwards: ‘Our stay with our hosts was a big part of our stay in Frankfurt. The family were so kind to us, they had moved out of their bedroom to allow us to stay and couldn’t have done more to make us feel welcome. The food was lovely and we enjoyed being part of a family and finding out more about the culture of living in Germany’ ‘When the choir sang in front of the enormous monument – an unrehearsed moment, all the tourists from all around the world just stopped, listened and applauded – it was great’. ‘The most fantastic moment for me was when they sang in the cathedral. The acoustics made the choir sound seem so pure – I will remember that for a long time’ ‘The reception from the audience in the church was extremely moving. I did feel very emotional but kept it together. To have everyone stand up and applaud you was a highlight of the tour for me. To be part of this group made me very proud’

Upper School really well. The press reports we got were outstanding: ‘When children rule the world, the youngsters sang to the packed audience and they certainly ruled the show. Jonathan Ansell (X-factor runner up G4) may have been billed as the star, but he took second best to the team of young ones who thrilled and enchanted the audience’ Jonathan Ansell gives a stunning performance but he is given a real run for his money by the children from Tettenhall College whose singing and acting is top-notch’. ‘This is musical theatre at its very best’

Ski Lift in Rhinegau

‘The opportunities for the choir to sing in so many different and beautiful locations was so wonderful’. 'Whistle Down the Wind' Bill Kenwright’s national tour of ‘Whistle Down the Wind’ came to the Grand Theatre in June for a week. We have done the show twice before (2004 and 2006) and I was delighted to be asked to do this show again, one of my favourites. The children not only get to sing on stage but have to act and are very much part of the show. Our two teams of 20 children rehearsed the music in advance and then the dance captain from the show arrived on the Friday before we started and spent the day teaching the children the choreography. He was excellent and

The ‘Whistle Down the Wind’ choir

made sure that all of the children had a solo part in the show. We also had to provide 16 adults for each show and this gave another opportunity for staff and parents to appear on stage. The first day of a new show is always long, with a lot of hanging around. We had our costumes fitted in the morning and then the children’s first rehearsal on stage with the company was in the afternoon, with the first show being that evening!. All that they had rehearsed on the Friday had to be done with precision timing and remembering where they should be on stage so as to mix in and not get in the way of the professional actors. It was a new experience for some pupils and they coped well with their nerves. Over the week of the show, confidence grew and they performed

'The Drowsy Chaperone' Our final event of the term was our school production of ‘The Drowsy Chaperone’. A full report on this can be found elsewhere, but every year, we keep getting told that this is the best show yet and it will be difficult to match. It was a very different show, and we chose it to match the characters we have at school. It was a most memorable week, particularly the emotional last night when several of our pupils who are leaving gave their last performance. The standing ovation when the lead character came on for his bow and the atmosphere which continued afterwards I shall remember for a long time. Over the years the music department has been involved in more and more musical theatre and I have seen the children grow in confidence because of this. Acting and singing go hand in hand and the ability to express yourself becomes so much easier through this medium. This confidence has been seen many times this year. Those who have singing lessons showed off their skills in the concert at the end of term with performances from Year 2 pupils right through to Year 13. In ‘Whistle’ we heard many comments from the audience over the week about how the children looked so much part of the professional group. In Frankfurt, the pupils and staff ‘raised their game’ and performed at the top of their level every time they sang. In 'Drowsy', the real ‘Tettenhall teamwork’ shone through with the youngest taking great confidence from those more senior. This has been a successful and memorable musical year. Ian Wass

Upper School Science “A Giant Leap for Mankind!!” On Friday 26th March 2010 a team of 24 students took the chance of a lifetime to undertake an astronaut training experience at the Kennedy Space Centre in Florida. The opportunity, brought about by Mrs Vanessa O’Neill, having previously trained with the International Space School, was given to students in Years 9-13. Largely based at Cape Canaveral NASA headquarters students were given a wide range of activities, lectures and classroom studies that helped give a wider understanding of how much space investigation has affected modern day science and indeed our everyday lives and believe me it affects everything you can think of!! We were given the opportunity to learn about the Space Race and previous Space missions, up to and including being the only UK students to have stood on the loaded launch pad 39B of the Shuttle Discovery. Sadly Discovery was launched three days after our return to England. As the US President has now frozen funding for any further space missions you could say that this was perhaps the last chance for any civilians to experience the immense

power needed to successfully launch an orbiter into Space. Not only were our students educated in Space travel by NASA teaching Staff and real life astronauts, they were given the chance to train for a day themselves. This unique experience included a zero gravity wall, Cross axis trainers, orbital training and finally, in teams, had to prepare their own space mission to repair damaged solar panels on the moon. Whilst five of the team ran mission control the rest of the team dealt with the launch of the shuttle, space flight and the actual repair on the moon. The nail biting landing, carried out like a professional by Alexander McCreath, was met with a sigh of relief from us all, that this was only a simulator, as Nicola Smith hit the ground like a dart. Not something you do every day! Other activities on the expedition involved a day behind the scenes at Sea World guided by the Park's Marine Biologists. We were given talks on ecology and Marine life preservation as well as seeing the day to day running of one of the largest marine life conservation programmes that there is. Of course we also went on Kraken and Manta; you have to have some time off.

There is also always one messy bit to any school trip and Mrs O’Neill is a Biologist after all, so an ecological survey was carried out in the swamps of the Indian River. Here we saw first hand what lived in and around us, as we all plunged into the lagoon with our nets. We discovered all sorts as Fernando demonstrates in the photograph. With other once in a lifetime opportunities like Ross Pickstock and Sam Muellar tidying their room, the mass exodus to Abercrombie and Fitch lead by Jamie Robinson (we should have been on commission) and myself cooking a barbeque for 30 you really can say it was an action packed week. I would like to take this opportunity to thank the 24 students who came with us to Florida for their exceptional conduct. Travelling through two international airports, twice, was a daunting prospect, which was carried out to perfection. Well done guys, I am very proud of you all; you are a credit to our school. Your teacher for a week, Chaperone and friend Desmond O’Neill.

Bronya O'Neill (Kindergarten), Aoibheann O'Neill (Reception), Zach Oakley, Harriet Dodd, Michael Bacon (Year 9), Eloise Hammond, Jade Sahni, Faye Bradley, Amanda Hughson, Rachel Lawton, Lauren Lovell (Year 10), Jamie Martin, Sam Muellar, Ross Pickstock, Jack Sheldon, Alexander McCreath, Nicola Smith, Georgina Ball, Jamie Robinson, Harry Westwood, Jack Briggs, Harriet Hommers, Billy Taylor (Year 11), Fernando Alves, Rebecca Martin, Stuart Jones (Year 13).

Science NASA visit

Discovery on the launch pad

Under NASA logo Fernando Alves,Rebecca Martin,Jamie Martin,Stuart Jones

Faye Bradley,Jamie Martin, Ross Pickstock, Jade Sahni Mission Control

NASA Education Suite

NASA Education Suite Harry Westwood at the flight deck

Fernando Alves with a Horse Shoe Crab on his head

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

3UHS 6FKRRO $WKOHWLFV )RU WKLV FRPSHWLWLRQ WKH FRXQWU\ LV VSOLW LQWR VHFWLRQV $V WKH 0LGODQGV JURXS IROGHG D IHZ \HDUV DJR WKH VFKRRO LV DOORZHG WR FRPSHWH LQ WKH QHDUHVW DUHD ZKLFK LV 2[IRUG 2OLYHU 3HPEHUWRQ WRRN SDUW LQ WKH P DQG P DW Â¶5DGOH\ &ROOHJHÂ· IRU WKH Â¶0HUFLDQÂ· DUHD 2OLYHU TXDOLILHG HDVLO\ IRU ERWK ILQDOV +H ZHQW DV WKH FXUUHQW 8 1DWLRQDO 3UHS &KDPSLRQ DQG VR ZDV GHWHUPLQHG WR ZLQ WKH WLWOH IRU WKH VHFRQG \HDU UXQQLQJ ,Â·P JODG WR VD\ KH GLG :H DUH YHU\ SURXG RI 2OLYHU +H LV D WDOHQWHG VSRUWVPDQ ZLWK D JUHDW IXWXUH DKHDG RI KLP 6R ZHOO GRQH 2OLYHU 8 1DWLRQDO 3UHS 6FKRRO &KDPSLRQ LQ ERWK WKH P DQG P $Q DPD]LQJ DFKLHYHPHQW

&LW\ 6FKRROV $WKOHWLF &KDPSLRQVKLSV 2XU DWKOHWHV SURGXFHG \HW DQRWKHU ILQH GLVSOD\ DW WKH &LW\ &KDPSLRQVKLSV 'DQLHO +\GH ILQLVKHG WK LQ WKH <HDU ER\V P 'DQLHO .HQQHG\ ILQLVKHG UG LQ WKH <HDU ER\V P &KORH 0F,QWRVK ZRQ WKH <HDU JLUOV P DQG UHPDLQV WKH JLUO WR FDWFK ZLWKLQ WKH &LW\ 2OLYHU 3HPEHUWRQ <HDU QRW RQO\ ZRQ WKH &LW\ &KDPSLRQVKLS DW P DQG P EXW ZHQW RQ WR EHFRPH WKH P DQG P &KDPSLRQ DW WKH 1DWLRQDO 3UHSDUDWRU\ 6FKRROV $OWKOHWLFV &KDPSLRQVKLSV $QGUHZ '\HU

,QGLYLGXDO 6SRUWV 'D\ &KDPSLRQV -XQLRU %R\V 2OLYHU 3HPEHUWRQ 1

-XQLRU *LUOV 6DYUHHQD .DXU +

,QWHUPHGLDWH %R\V $OH[ *UDQW 3 *HRUJH 6RXWKDOO %

,QWHUPHGLDWH *LUOV &KORH 0F,QWRVK 3

6HQLRU %R\V &KULV 3HUU\ 1

6HQLRU *LUOV /DXUHQ +DOO %

2YHUDOO +RXVH &KDPSLRQV VW 3($5621 SWV QG 1LFKROVRQ SWV UG +D\GRQ SWV WK %DQWRFN SWV 2OLYHU 3HPEHUWRQ

8SSHU 6FKRRO &5,&.(7 67 ; :LWKRXW D GRXEW RXU PRVW VXFFHVVIXO VW WHDP RI WKH VHDVRQ 7KH ER\V DQG JLUOV ZKR KDYH SOD\HG VW ;, FULFNHW KDYH GRQH VR ZLWK VNLOO DQG SDWLHQFH VKRZLQJ D UHDO GHSWK RI PDWXULW\ LQ WKHLU DWWLWXGH WR WKH JDPH 7KHUH KDYH EHHQ VRPH H[FHOOHQW GLVSOD\V RI EDWWLQJ DQG ERZOLQJ GXULQJ WKH JDPHV ZLWK RXU <HDU DQG /RZHU WK SOD\HUV OHDGLQJ WKH ZD\ DQG VKRZLQJ JUHDW SURPLVH IRU QH[W \HDU ,Q SDUWLFXODU $OH[ *UDQWÂ·V IDQWDVWLF Â¶ Â· DJDLQVW WKH )RUW\ &OXE DQG Â¶ Â· DJDLQVW WKH 0&& WKH ODWWHU HDUQLQJ D SUHVWLJLRXV WULS WR GRZQ WR /RUGV IRU KLV HQGHDYRXUV 7ZR RWKHU SHRSOH DOVR GHVHUYH D Â¶WKDQN \RXÂ·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Â·P ORRNLQJ WR LQWURGXFH SRVW PDWFK PHDOV IRU WKH DOO GD\ PDWFKHV DJDLQVW WKH )RUW\ &OXE DQG 0&& , IHHO WKLV ZRXOG JLYH RXU SOD\HUV WKH RSSRUWXQLW\ WR FKDW DQG VRFLDOLVH ZLWK WKHLU H[SHULHQFHG RSSRQHQWV DQG GLVFXVV ZD\V LQ ZKLFK WKH\ FDQ GHYHORS WKHLU RZQ JDPH 2U EHWWHU VWLOO WKH\ ZLOO KDYH WKH FKDQFH WR UHFHLYH FRQJUDWXODWLRQV RQ WKHLU DELOLWLHV DQG EH LQVSLUHG WR EHFRPH EHWWHU FULFNHWHUV 0U %XOORFN

VW &ULFNHW 7HDP

8QGHU V &ULFNHW 7HDP

8QGHU V ,W KDV EHHQ D GLIILFXOW VHDVRQ IRU RXU 8 FULFNHWHUV DV ZH KDG WKH ILUVW WKUHH JDPHV FDQFHOOHG GXH WR WKH ZHDWKHU LQ WKH HDUO\ SDUW RI WKH 6XPPHU 7HUP 7KDW XQIRUWXQDWHO\ PHDQW WKDW ZH KDG OLPLWHG JDPH SUDFWLFH DV ZHOO VR WKDW ZKHQ WKH ER\V GLG WDNH WKH ILHOG ZH GLG QRW KDYH WKH SDWLHQFH WR ZDLW IRU WKH EDG EDOO WR VFRUH RXU UXQV VR ZH WULHG WR IRUFH WKH VKRW D OLWWOH WRR PXFK ZKLFK PHDQW WKDW VRPH RI RXU UHFRJQLVHG FULFNHWHUV JRW WKHPVHOYHV RXW TXLWH FKHDSO\ +RZHYHU WR WKH ER\VÂ·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

8SSHU 6FKRRO )227%$// VW DQG QG ;, +DYLQJ ORVW D QXPEHU RI NH\ SOD\HUV IURP WKH VW WHDP DW WKH HQG RI ODVW \HDU ZH KDYH KDG D VHDVRQ RI XSV DQG GRZQV :H ZHUH D YHU\ \RXQJ VLGH ZLWK VL[ RI WKH VWDUWLQJ OLQH XS IURP <HDUV DQG VR LW ZDV DOZD\V JRLQJ WR EH DQ XSKLOO VWUXJJOH WR UHSOLFDWH WKH IRUP RI ODVW \HDU +RZHYHU WKHUH ZHUH VRPH YHU\ QRWDEOH LQGLYLGXDO DQG WHDP SHUIRUPDQFHV Â² 0D[ &RRSHUÂ·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Â·V WK 7HDP 6R PXFK VR RQH RU WZR RI WKH VW 7HDP SOD\HUV KDG WR EH DOPRVW IRUFHG WR UH MRLQ WKHLU WHDP PDWHV EHFDXVH WKH\ GLGQÂ·W ZDQW WR OHDYH WKH QG WHDP $ IHZ RI WKH QG WHDP ER\V ZKR GHVHUYH D PHQWLRQ QRW MXVW IRU WKHLU IRRWEDOOLQJ DELOLW\ EXW IRU KRZ WKH\ KDYH PDGH JDPHV DQG SUDFWLFHV XQPLVVDEOH DUH %HQ +DPPRQG -RVK 7KRUQWRQ &DOXP *UHHQ %HQ 3DVVPRUH DQG +DUSLQGHU 6LQJK 7KDQN \RX WR ERWK RXU VW DQG QG WHDP SOD\HUV IRU D UHZDUGLQJ VHDVRQ 0U %XOORFN

VW DQG QGÂ·V )RRWEDOO 7HDP

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

8QGHU V )RRWEDOO 7HDP

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Â·V DQG D UHWXUQ IL[WXUH DJDLQVW 7KH 5R\DO $OWKRXJK ZHDNHQHG E\ DEVHQFH WKH FRUH RI WKH WHDP ZDV WKH

VDPH EXW WKH\ ZHUH XQDEOH WR RSHUDWH WRJHWKHU DQG LQGLVFLSOLQH JDYH DZD\ YLWDO IUHH NLFNV DQG D SHQDOW\ GHVSLWH WKH KHURLF UHWXUQ RI *HRUJH +DUYH\ LQ JRDO DQG WKH LQFOXVLRQ RI NHHQ <HDU SOD\HUV OLNH 7RP /DZWRQ -RVKXD +LOO +DUGLQJ DQG 0XIDUR .DWDNZD 1HYHUWKHOHVV WKH SRWHQWLDO IRU WKLV WHDP WR VXFFHHG DV WKH\ JR WKURXJK WKH VFKRRO ZDV FOHDU WR VHH LQ WKH ILUVW IL[WXUH , ZLVK WKHP ZHOO QH[W \HDU * - 5DLQH

8QGHU V )RRWEDOO 7HDP

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

8QGHU 7KH VHDVRQ VWDUWHG YHU\ ZHOO IRU WKH 8QGHU V ZLWK D FRQYLQFLQJ ZLQ DJDLQVW 6W 'RPLQLFÂ·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Â·V ZKHUH WKH\ ZHUH DEOH WR GHPRQVWUDWH WKHLU GHYHORSLQJ VNLOOV DQG HQMR\ WKH JDPH DW D PRUH FRPSHWLWLYH OHYHO ,W KDV EHHQ D WKRURXJKO\ HQMR\DEOH VHDVRQ DQG DV XVXDO P\ WKDQNV JR WR 0U 7UXPS 0U +LJJV DQG 0UV 7D\ORU IRU WKHLU FRQWLQXHG KHOS DQG VXSSRUW 0UV $ - 1DVK

VW ;, +RFNH\ 7HDP

8QGHU V $ SDUWLFXODUO\ VXFFHVVIXO VHDVRQ IRU WKH 8QGHU V WKLV \HDU ZDV PDUNHG E\ WKHLU SURJUHVV WKURXJK WKH 8 *LUOVÂ·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Â·V :RUFHVWHU DQG $UGHQ ZHUH IRUPLGDEOH RSSRQHQWV DQG VDGO\ 7HWWHQKDOO FDPH WKLUG 1HYHUWKHOHVV LW ZDV D SOHDVXUH WR VHH RXU JLUOV HQMR\ VXFFHVV DQG WR ZLWQHVV LQGLYLGXDO SURJUHVV DV ZHOO DV GHYHORSLQJ D JRRG WHDP VSLULW 7KH 8QGHU V HQMR\HG RWKHU QRWDEOH

VXFFHVVHV WKLV VHDVRQ DJDLQVW :ROYHUKDPSWRQ *UDPPDU ZLQ 2VZHVWU\ ZLQ $EERWVKROPH ZLQ :H ZHUH KRZHYHU OHVV VXFFHVVIXO DJDLQVW RWKHU WHDPV LQFOXGLQJ 6WDIIRUG *UDPPDU ZKR IRUFHG WKH ZLQ 1H[W VHDVRQÂ·V ILUVW WHDP ZLOO EHQHILW IURP KDYLQJ D ZHDOWK RI WDOHQW IURP ZKLFK WR SLFN D VTXDG

8QGHU V +RFNH\ 7HDP

8SSHU 6FKRRO 1(7%$// 7RXUQDPHQWV 7KH &LW\ WRXUQDPHQW WRRN SODFH LQ 2FWREHU IRU WKH 8 DQG 8 DJH JURXS 7ZR WHDPV IURP 7HWWHQKDOO WRRN SDUW %RWK WHDPV ORRNHG YHU\ VPDUW LQ WKHLU QHZ SOD\LQJ NLW 8QGHU ,Q WKH 8 FRPSHWLWLRQ WKH VTXDG SOD\HG VL[ VKRUW PDWFKHV LQ WKH ILUVW URXQG ZLQQLQJ WZR GUDZLQJ WZR DQG ORVLQJ WZR 8QIRUWXQDWHO\ WKH\ GLG QRW PDNH WKH VHPL ILQDOV +RZHYHU DOO WKH JLUOV SOD\HG KDUG DQG DUH WR EH FRQJUDWXODWHG IRU WKHLU HIIRUWV

8QGHU WHDP SOD\HUV $LPHH )LVKHU (ORLVH +DPPRQG 6RSKLH -RQHV 9LFN\ .LEEOH /DXUHQ /RYHOO &KORH 0F,QWRVK &KDUORWWH 3HUU\ DQG (NWD 6DLQL

8QGHU WHDP SOD\HUV *UDFH %LUFK %DVWRFN /DXUD %XUNH +DUULHW 'RGG &RXUWQH\ +DZNLQV 0RQLFD .XPDUL 5HEHFFD 0LWFKHOO 2OLYLD 1DVK .LUDQSUHHW 5DL /DXUD 6DXO DQG 5DFKDHO :KDOHQ 8QGHU 7KH 8QGHU WHDP ZHUH DOVR FRQILGHQW DV WKH\ WRRN WR WKH FRXUW LQ WKHLU ILUVW URXQG 7KH\ ORRNHG TXLWH WKH SDUW LQ WKHLU QHZ Â¶GUHVVHVÂ· DQG WKH\ SURGXFHG H[FHOOHQW QHWEDOO DJDLQVW WKHLU ILYH RSSRQHQWV 7KH\ ZRQ ILYH RI WKHLU VL[ JDPHV DQG GUHZ RQH 7KLV EURXJKW WKHP LQ HQRXJK SRLQWV WR WDNH WKHP WKURXJK WR WKH VHPL ILQDOV ZKHUH WKH\ PHW DQG EHDW 6W &KDGÂ·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

8QGHU 7KH 8QGHU WRXUQDPHQW ZDV SOD\HG LQ 0DUFK 7KH WHDP IRXQG WKLV D WRXJK FRPSHWLWLRQ 7KH JLUOV SOD\HG IRXU PDWFKHV 7KH\ ORVW WZR GUHZ RQH DQG ZRQ RQH 6R HYHQ WKRXJK WKH\ IRXQG LW WRXJK WKH UHVXOWV LQGLFDWHG RWKHUZLVH 7KH SRLQWV ZHUH QRW HQRXJK WR TXDOLI\ WKHP IRU D SODFH LQ WKH VHPL ILQDOV +RZHYHU WKH WHDP HQMR\HG WKH FRPSHWLWLRQ 8QGHU WHDP SOD\HUV +DQLVKD&KHHPD (OOD &R[ &KORH )LVKHU &KDUORWWH +ROGHQ &KDUORWWH -RQHV 6DYUHHQD .DXU FDSW 1DWVXPL 6XJDQXPD DQG &DWKHULQH :LFNHQV

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

8SSHU 6FKRRO 3XSLOVÂ· 5HSRUWV 8QGHU , UHDOO\ HQMR\HG SOD\LQJ 1HWEDOO LQ <HDU DQG QRZ ,Â·P MXVW ILQLVKHG <HDU , KDYH HQMR\HG LW HYHQ PRUH $W ILUVW , GLGQÂ·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Â¶JLVWÂ· RI WKH JDPH QRZ ZKHUHDV ODVW \HDU ZH VWUXJJOHG D OLWWOH 0UV 7D\ORU DOZD\V VXSSRUWV XV DQG WHOOV XV WR EHOLHYH LQ RXUVHOYHV %\ GRLQJ WKLV ZH ZLOO DFKLHYH DQG SOD\ PXFK EHWWHU ,Q 0DUFK 0UV 7D\ORU WRRN D JURXS RI SOD\HUV WR :ROYHUKDPSWRQ 8QLYHUVLW\ WR ZDWFK D Â¶6XSHUOHDJXHÂ· JDPH 7KLV ZDV EHWZHHQ /RXJKERURXJK /LJKWQLQJ DQG &HOWLF 'UDJRQV 7KHVH SOD\HUV DUH

HOLWH SHUIRUPHUV DQG PDQ\ RI WKH VTXDG UHSUHVHQW (QJODQG 7KLV ZDV RQH RI RXU EHVW H[SHULHQFHV RI WKH VHDVRQ 7KH\ ZHUH IDVW DQG VNLOIXO DQG ZH DOO HQMR\HG WKH JDPHV KRSLQJ WKDW RQH GD\ LI ZH ZRUNHG KDUG ZH PLJKW SOD\ OLNH WKHP 7KH\ DUH UROH PRGHOV RI WKH JDPH DQG LWÂ·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Â·W ZLQ WKH WRXUQDPHQW EXW ZH GLGQÂ·W FRPH ODVW HLWKHU :H GLG ZRUN KDUG DQG ZRQ WZR RI WKH JDPHV EXW ORVW WR +HDWK 3DUN DQG 6W &KDGÂ·V 7KH KLJKOLJKWV RI RXU OHDJXH PDWFKHV ZHUH EHDWLQJ :ROYHUKDPSWRQ *UDPPDU Â¶%Â· DQG 'HDQVILHOG :H DOVR GUHZ ZLWK 6W 'RPLQLFÂ·V 7KDW ZDV D YHU\ H[FLWLQJ JDPH ZLWK WKH VFRUHV JRLQJ JRDO IRU JRDO :H NQRZ ZH KDYH D ORW RI ZRUN WR GR DQG LWÂ·V VDG ZKHQ PHPEHUV RI WKH WHDP OHDYH EXW ZH ZLOO FRQWLQXH WR VWLFN LW RXW WRJHWKHU DQG KRSHIXOO\ ZLQ PRUH PDWFKHV QH[W VHDVRQ , ZRXOG OLNH WR WKDQN DOO P\ WHDP PDWHV IRU ZRUNLQJ KDUG DQG FRQJUDWXODWLRQV WR &KDUORWWH -RQHV IRU ZLQQLQJ 3OD\HU RI WKH <HDU 6DYUHHQD .DXU &DSWDLQ <HDU

8QGHU V 1HWEDOO 7(DP

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Â·V Â¶%Â· WHDP ZRQ YDULRXV OHDJXH PDWFKHV DQG SOD\HG LQ D WRXUQDPHQW EXW PRVW RI DOO ZH KDYH FRPH WRJHWKHU DV D WHDP :H ZRXOG QHYHU KDYH EHHQ DEOH WR ZLQ PDWFKHV LI ZH GLGQÂ·W SXOO WRJHWKHU DQG ZRUN DV D WHDP DQG WULHG RXU KDUGHVW , UHDOO\ HQMR\ QHWEDOO DQG , NQRZ WKH UHVW RI P\ WHDP PDWHV GR DV ZHOO 7KLV VHDVRQ KDV EHHQ D FKDOOHQJH EXW ,Â·P UHDOO\ ORRNLQJ IRUZDUG WR SXWWLQJ RQ P\ 1HWEDOO ELE DJDLQ DQG JHWWLQJ EDFN WR WKH FRXUW 0UV 7D\ORU ZDV D KXJH KHOS WR XV LQ WUDLQLQJ E\ VKRZLQJ XV JRRG WHFKQLTXHV DQG PRYHV WR GR WKURXJKRXW WKH VHDVRQ 0UV 6WRQH KHOSHG WRR E\ XPSLULQJ VRPH RI RXU PDWFKHV , ZDQW WR VD\ DV &DSWDLQ RQ EHKDOI RI P\ IHOORZ WHDP PDWHV WKDQN \RX 5ROO RQ QH[W VHDVRQ , FDQÂ·W ZDLW &RXUWQH\ +DZNLQV &DSWDLQ <HDU

8SSHU 6FKRRO 8QGHU <HW DQRWKHU VXFFHVVIXO \HDU IRU WKH WZR WHDPV LQ <HDU +RZHYHU WKLV ZRXOGQÂ·W KDYH EHHQ VR LI LW ZDVQÂ·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Â·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

VFRUH PRUH WKDQ D JRDO D PLQXWH ZKDW D VWDWLVWLF WR KDYH 2XU JRDO NHHSHU (NWD 6DLQL DQG RXU JRDO GHIHQFH &KORH 0F,QWRVK FDPH XS ZLWK VRPH JRDO VDYLQJ LQWHUFHSWLRQV DQG VRPH EULOOLDQW FRXUW OLQNDJH WKURXJK WR RXU ZLQJ GHIHQFHV 6RSKLH -RQHV DQG /DXUHQ /RYHOO 7KH\ LQ WXUQ IHG WKH EDOO EULOOLDQWO\ WKURXJK WR FHQWUH 9LFN\ .LEEOH DQG ZLQJ (OOLH +DPPRQG ZKR JRW WKH EDOO LQWR WKH VKRRWHUV &KDUORWWH 3HUU\ DQG $LPHH )LVKHU 6XSSRUW FDPH IURP -DGH 6DKQL DQG KHU VKRXWV RI Â¶ZLWFKÂ·V KDWÂ·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Â¶JROGHQ JRDOÂ· &RQFHQWUDWLRQ D SHUIHFW VKRW DQG ZH ZHUH WKH SURXG UHOLHYHG ZLQQHUV RI WKH &LW\ 7RXUQDPHQW $IWHU WKLV YLFWRU\ ZH ZHUH WROG WKDW ZH TXDOLILHG WR UHSUHVHQW :ROYHUKDPSWRQ LQ WKH FLW\ WRXUQDPHQW LQ 1RYHPEHU DQG ZH KRSH WR VXFFHHG IXUWKHU LQ WKLV FRPSHWLWLRQ 9LFWRULD .LEEOH 8QGHU &DSWDLQ

:H KDG D YHU\ VWURQJ DQG VWDEOH GHIHQFH LQ 1DYSUHHW $XMOD\ *. DQG /DXUD 6DXO *' 7KH\ IRUPHG DQ H[FHOOHQW DOOLDQFH DQG SUHYHQWHG PDQ\ PRUH JRDOV IURP EHLQJ VFRUHG :H SOD\HG PDWFKHV DJDLQVW 6W 'RPLQLFÂ·V &RSSLFH +HDWK 3DUN DQG 2XU /DG\ DQG 6W &KDGÂ·V &RGVDOO DQG :ROYHUKDPSWRQ *LUOVÂ· +LJK 6RPH ZH ZRQ DQG VRPH ZH ORVW 1H[W \HDU LV DQRWKHU \HDU ,Â·P VXUH WKHUH ZLOO EH SOHQW\ PRUH VXFFHVV DQG PRUH HYLGHQFH RI VWURQJ WHDP ZRUN 3OD\HUV KDYH WKHLU RZQ VNLOOV WKDW WKH\ FRQWULEXWH DQG EULQJ WR WKH RYHUDOO VXFFHVV RI WKLV WHDP 0UV - / 7D\ORU

8QGHU Â¶$Â· WHDP

:KHQ , DUULYHG DW 7HWWHQKDOO &ROOHJH LQ <HDU , ZRXOGQÂ·W KDYH FODVVHG P\VHOI DV WKH Â¶VSRUW\Â·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

8SSHU 6FKRRO 8 Â¶%Â· WHDP

'XH WR WKH IDFW WKDW 1HWEDOO LV D SRSXODU VSRUW DPRQJVW WKH JLUOV DW WKH FROOHJH LW ZDVQÂ·W VXUSULVLQJ WKDW WKH VL[WK IRUP WKLV \HDU FRXOG ILHOG WZR WHDPV , ZDV WKULOOHG WR EH PDGH FDSWDLQ DORQJ ZLWK (PPD 7D\ORU DQG WRJHWKHU ZH KHOSHG ZLWK WHDP GHFLVLRQV DQG VHOHFWLRQ 2XU WHDP SOD\HG VHYHUDO PDWFKHV 2I FRXUVH ZH ZDQWHG WR ZLQ EXW ZH ZHUH KDSS\ WR SOD\ IRU UHFUHDWLRQ DQG QRW SOD\ WHDPV LQ D OHDJXH WDEOH $W WKH VWDUW RI WKH VHDVRQ GHVSLWH WU\LQJ KDUG ZH ZHUH XQDEOH WR ZLQ DQ\ PDWFKHV ,W WRRN XV TXLWH D ZKLOH WR JHW LQWR RXU VWULGH 0UV 7D\ORU ZDV H[WUHPHO\ SDWLHQW ZLWK XV DQG QHYHU JDYH XS RQ XV :H ZRUNHG RQ FRXUW OLQNDJH TXLWH D ORW 7KLV LV WKH ZD\ SOD\HUV JHW WKH EDOO GRZQ WR WKH VKRRWHUV 7KH WLPLQJ RI D SOD\HU WR PRYH DZD\ IURP WKHLU RSSRQHQW LV YLWDO 7KLV KHOSV D WHDP WR ZLQ ,I \RX FDQ WLPH WKH PRYH DQG PDNH DQ DFFXUDWH SDVV WKHQ \RX KDYH MXVW DV PXFK FKDQFH DV WHDPV WKDW PD\ EH EHWWHU WKDQ \RX RU ZKR DUH WDOOHU WKDQ \RX :H ZRUNHG RQ WKLV DQG DOVR RXU GHIHQFH LQ WKH FLUFOH DQG RXU VKRRWLQJ (PPD DQG 'DQQL DQG +ROO\ WRR DOO VKRW UHDOO\ ZHOO GXULQJ WKH VHDVRQ ,WÂ·V TXLWH D SUHVVXUH SDUWLFXODUO\ ZKHQ WKH VFRUHV DUH FORVH $V WKH VHDVRQ ZHQW RQ ZH ZRUNHG EHWWHU WRJHWKHU DQG ZHUH DEOH WR EHDW IULHQGO\ *LUOVÂ· +LJK DQG *UDPPDU WHDPV 7KHVH ZHUH KLJKO\ FRPSHWLWLYH DQG ZH GLGQÂ·W ZDQW WR ORVH ,Q ERWK JDPHV LW ZDV JRDO IRU JRDO +DYLQJ SOD\HG 1HWEDOO VLQFH <HDU , ZDV YHU\ KDSS\ WR EH WKH FDSWDLQ DQG DEOH WR KDYH WKH UHVSRQVLELOLW\ RI PDNLQJ LPSRUWDQW GHFLVLRQV LQ WKH JDPHV , DP YHU\ JUDWHIXO WR 0UV 7D\ORU IRU DOO KHU VXSSRUW WKURXJKRXW RXU \HDUV RI 1HWEDOO 6KH HQFRXUDJHG PH WR SHUVHYHUH ZKHQ WKLQJV JRW KDUG DQG ZKHQ , JRW XQHQWKXVLDVWLF DERXW VSRUW , DP WKDQNIXO WR KHU IRU EHOLHYLQJ LQ PH DQG , KDYH ORYHG EHLQJ WKH FDSWDLQ 7KDQNV 0UV 7 8QGHU Â¶%Â· WHDP SOD\HUV -DVPLQH 1DVK 7DPDUD 3LFNVWRFN 3DUPLQGHU 5DL 0HJDQ 6FKXEHUW FSW *HRUJLQD 6SRRQHU (PPD 7D\ORU YLFH FSW 'DQLHOOH :DWWV +ROO\ :LQZRRG DQG 6WHSKDQLH :LOOLDPV 0HJDQ 6FKXEHUW FSW

&OXE 1HWEDOO ,WÂ·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Â¶7LEEHUWRQ 6WDUÂ· EDVHG LQ 6KURSVKLUH VW 7HDP 6TXDG Y 7KH 2OG 7HWWHQKDOOLDQV

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Â¶7KH -RKQ 'DOH 0HPRULDO 7URSK\Â· WKLV \HDU ZDV ZRQ E\ D WULXPSKDQW VFKRRO WHDP DQG WKH Â¶3OD\HUV 3OD\HUÂ· ZDV DZDUGHG WR &DWKHULQH *RXJK IURP WKH 2 7 V &DWKHULQH LV DOZD\V VXSSRUWLYH RI WKHVH PDWFKHV LV D JUHDW VSRUW DQG ZHOO GHVHUYHV WKLV DZDUG &RQJUDWXODWLRQV 0UV - / 7D\ORU +RXVH 1HWEDOO -XQLRUV <HDU

VW +$<'21 QG 1LFKROVRQ UG 3HDUVRQ WK %DQWRFN

6HQLRUV <HDU WK )RUP

VW +$<'21 QG 3HDUVRQ UG 1LFKROVRQ WK %DQWRFN

2YHUDOO :LQQHUV +$<'21

8SSHU 6FKRRO 5281'(56 7KLV \HDU DOO JLUOV KDYH VKRZQ D JUHDW LQWHUHVW LQ WKLV JDPH ,Q OHVVRQV WKH JURXSV ZRUNHG RQ GHYHORSLQJ WKHLU VNLOOV OHDUQLQJ WDFWLFV DQG VWUDWHJLHV DQG SXWWLQJ D JDPHV SODQ LQWR RSHUDWLRQ 7KH JLUOV KDYH EHFRPH YHU\ WDOHQWHG :H SOD\HG IRXU FRPSHWLWLYH IL[WXUHV DJDLQVW 6W 'RPLQLFÂ·V %UHZRRG <HDU V ZRQ <HDU V ORVW <HDU V ZRQ <HDU V ZRQ $OO ZHUH FORVHO\ IRXJKW PDWFKHV ZKLFK WKH JLUOV UHDOO\ HQMR\HG 0UV - / 7D\ORU

8QGHU V

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

,QWHUQDWLRQDO +RQRXUV

2OL 3HPEHUWRQ <HDU 2OL KDV JDLQHG ,QWHUQDWLRQDO &DSV IRU (QJODQG 3UHS 6FKRROV %DUEDULDQV +H KDV DOVR SOD\HG IRU 6WDIIRUGVKLUH 8 DQG 8 DQG LV D PHPEHU RI /HLFHVWHU 7LJHUV (3'* 8 7HWWHQKDOO &ROOHJH 8 DQG 8 )RU (QJODQG 2OL SOD\HG DJDLQVW &DPSEHOO &ROOHJH DQG 6XOOLYDQ 6FKRRO +H VFRUHG WZR WULHV LQ ERWK PDWFKHV DQG ZDV VXEVHTXHQWO\ JLYHQ PDQ RI WKH PDWFK LQ WKH VHFRQG JDPH

7RQ\ :RQJ <HDU 7RQ\ KDV DOVR JDLQHG ,QWHUQDWLRQDO &DSV IRU +RQJ .RQJ ZKLOVW WKH\ ZHUH RQ WRXU WR 7DLZDQ 7KLV LV D WUHPHQGRXV DFKLHYHPHQW WR JDLQ D IXOO LQWHUQDWLRQDO FDS IRU KLV FRXQWU\ DW MXVW \HDUV RI DJH

8QGHU V

8QGHU V VW DQG QGV 5XJE\ 7HDP

8SSHU 6FKRRO 5XJE\ 7RXU 7KLV \HDU ZH KDG WKH FKDQFH WR FHOHEUDWH D VXFFHVVIXO VHDVRQ ZLWK WKH DGGLWLRQ RI WKH WRXU WR 2[IRUG :H ZHQW GRZQ RQ WKH )ULGD\ PRUQLQJ DQG DUULYHG DW RXU KRWHO ZLWK VSDUH WLPH WKH VTXDG GHFLGHG WR FKHFN RXW WKH KRWHOÂ·V IDFLOLWLHV ZLWK WKH PDMRULW\ RI WKH ODGV JRLQJ VZLPPLQJ RU HQMR\LQJ D VKRUW J\P VHVVLRQ /DWHU WKDW QLJKW ZH ZHQW ERZOLQJ ZKLFK ZDV D JUHDW VXFFHVV DQG SURYLGHG WKH VTXDG ZLWK D FKDQFH WR FKLOO RXW DQG SUHSDUH IRU WKH JDPH WKH IROORZLQJ GD\ ZH SOD\HG HDUO\ RQ WKH 6DWXUGD\ PRUQLQJ DJDLQVW 0U -DFNVRQÂ·V ROG VFKRRO &RNHWKRUSH 8QIRUWXQDWHO\ ZH ORVW EXW QRW ZLWKRXW D ILJKW $IWHU WKH JDPH ZH PDGH RXU ZD\ WR :HOIRUG 5RDG ZKHUH ZH ZDWFKHG /HLFHVWHU 7LJHUV EHDW /RQGRQ ,ULVK $ZDUGV 'XULQJ WKH WRXU 0U %XOORFN IRXQG WLPH WR DZDUG WKH SOD\HUV ZKR KDG UHDOO\ VWRRG RXW WKLV VHDVRQ &RDFKHVÂ· 3OD\HU 7RQ\ :RQJ &KULV 3HUU\ 3OD\HUVÂ· 3OD\HU &KULV 3HUU\ %HVW 1HZFRPHU -DPLH 5RELQVRQ 0RVW ,PSURYHG +DUSLQGHU 6LQJK ,Â·G OLNH WR WDNH WKLV RSSRUWXQLW\ RQ EHKDOI RI WKH VTXDG DQG P\VHOI WR WKDQN 0U '\HU IRU KLV ZRUN LQ RUJDQLVLQJ WKH EDFNV DQG 0U -DFNVRQ ZKR KHOSHG ZLWK WKH RUJDQLVDWLRQ RI WKH 2[IRUG WRXU P\ 'DG IRU KLV DZHVRPH DQG QHYHU HQGLQJ VXSSRUW %XW PRVW RI DOO 0U %XOORFN IRU KLV FRPSOHWH GHGLFDWLRQ WR WKH VTXDG ZLWKRXW ZKLFK ZH ZRXOG KDYH QRW EHHQ DQ\ZKHUH QHDU DV VXFFHVVIXO )RU PH SHUVRQDOO\ LWÂ·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

7HWWHQKDOO &ROOHJH 5XJE\ 7RXU ER\V ZHQW RQ D IDQWDVWLF RYHU QLJKW UXJE\ WULS WR 2[IRUG WR SOD\ DJDLQVW 0U -DFNVRQÂ·V ROG VFKRRO &RNHWKRUSH XQIRUWXQDWHO\ ZH ORVW EXW HYHU\ WRXULVW SOD\HG LQ WKH PDWFK SURGXFLQJ D YHU\ HQWHUWDLQLQJ JDPH ZKLFK WXUQHG RXW WR EH TXLWH FORVH ZLWK D FRXSOH RI FKDQFHV DW WKH HQG RI XV VWHDOLQJ YLFWRU\ )URP WKHUH ZH ZHQW WR ZDWFK D 3UHPLHUVKLS JDPH DW /HLFHVWHU 7LJHUV DV WKH\ WRRN RQ /RQGRQ ,ULVK

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

8QGHU V 5XJE\ 7HDP

8SSHU 6FKRRO 6:,00,1* +RXVH 6ZLPPLQJ &KDPSLRQVKLSV VW Â² 3($5621 QG Â² +D\GRQ UG Â² %DQWRFN WK Â² 1LFKROVRQ ,QGLYLGXDO &KDPSLRQVKLS :LQQHUV <HDU *LUOV &KORH )LVKHU 3 -XQLRU %R\V -DPHV +DZNLQV % -XQLRU *LUOV 1DWVXPL 6XJDQXPD 3 ,QWHUPHGLDWH %R\V -RHVSK .LQVHOO 3 ,QWHUPHGLDWH *LUOV /DXUD %XUNH 3 6HQLRU %R\V 1R &RPSHWLWLRQ 6HQLRU *LUOV +DUULHW +RPPHUV % - / 7D\ORU

7(11,6 &LW\ /HDJXH &RPSHWLWLRQV

7ZR WHDPV ZHUH HQWHUHG LQWR WKH FRPSHWLWLRQ WKLV \HDU 7KH 8 V SOD\HG WZR PDWFKHV 7KH ILUVW PDWFK ZDV DJDLQVW :ROYHUKDPSWRQ *UDPPDU ZKLFK WKH WHDP ZRQ DQG WKH VHFRQG DJDLQVW :ROYHUKDPSWRQ *LUOVÂ· +LJK ZKLFK WKH\ ORVW 7KH 8 V SOD\HG MXVW WKH RQH IL[WXUH ZKLFK WKH\ ZRQ 7KLV ZDV LQ WKH IULHQGO\ OHDJXH DOWKRXJK VWLOO FRPSHWLWLYH 7KH\ SOD\HG DJDLQVW :ROYHUKDPSWRQ *LUOVÂ· +LJK %RWK VHWV RI GRXEOHV ZHUH ZRQ DQG WKH WHDP RQO\ GURSSHG RQH VHW RI VLQJOHV %RWK <HDU JLUOV ZRQ WKHLU VLQJOHV PDWFKHV 0UV - / 7D\ORU

8QGHU WHDP SOD\HUV +DUULHW 'RGG ,VDEHOOD )LVKHU (ORLVH +DPPRQG 6RSKLH -RQHV 9LFWRULD .LEEOH 5HEHFFD 0LWFKHOO &KDUORWWH 3HUU\ DQG -DGH 6DKQL

8QGHU WHDP SOD\HUV &KDUORWWH +ROGHQ 1DWVXPL 6XJDQXPD 0DGLVRQ -RQHV DQG *UDFH 3XJK &RQJUDWXODWLRQV WR 0DGLVRQ DQG *UDFH <HDU ZKR DUH ERWK IURP /RZHU 6FKRRO DQG SHUIRUPHG H[FHOOHQWO\

8SSHU 6FKRRO &URVV &XUULFXODU 'D\V

6WXGHQWV EHJLQ WR ZULWH JUDIILWL RQ WKH ZDOO

%(5/,1 :$// '$< 3ULRU WR )ULGD\ WKH WK 1RYHPEHU HYHU\RQH IURP 7HWWHQKDOO &ROOHJH 5HFHSWLRQ WR WK )RUP ZHUH LQYLWHG WR FRQWULEXWH D EULFN WR RXU %HUOLQ :DOO 'D\ 2QH VLGH RI WKH ER[ ZDV WR EH GXOO DQG OLIHOHVV DQG WKH RWKHU VLGH EULJKWO\ GHFRUDWHG (DFK SXSLO DGGHG D GHVLJQ XVLQJ QDPHV LPDJHV DQG ZRUGV OLNH Â¶SHDFH QR ZDU DQG RQH ZRUOGÂ·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Â&#x2026; IRU WKH FKDULW\ Â¶&KLOGUHQ RI 3HDFHÂ· DQ RUJDQLVDWLRQ ZRUNLQJ ZLWK WKH \RXWK RI 3DOHVWLQH DQG ,VUDHO 0D[ 3RUWHU VKRXWHG LQVWUXFWLRQV GRZQ WKH PHJDSKRQH =DN 3XJK PHQDFHG SHRSOH ZLWK $OH[ 3RLOHÂ·V $OVDWLDQ 3RVWHUV DURXQG WKH VLWH DOHUWHG HYHU\RQH WKDW 0U '\HU DQG 'U 0RWWHUVKHDG VKRXOG EH DUUHVWHG

RQ VLWH IRU DWWHPSWV WR GHIHFW 0U '\HU ZDV FDXJKW DQG FDXWLRQHG EHIRUH EHLQJ DOORZHG WR SURFHHG WR WKH GLQLQJ URRP ZKHUH D *HUPDQ PHQX KDG EHHQ SUHSDUHG E\ 6RQLD +XPSKULHV DQG KHU WHDP <HDU FUHDWHG EDQQHUV ZLWK 0U 5DLQH LQ RUGHU WR SURWHVW DW WKH IRRW RI WKH ZDOO 'LIIHUHQW SKUDVHV VXFK DV Â¶'RZQ ZLWK WKH :DOOÂ· ZHUH FKDQWHG :KHQ OXQFK EUHDN ZDV RYHU <HDU GHPROLVKHG WKH :DOO 7KH\ GLG DQ H[FHOOHQW MRE RI IODW SDFNLQJ WKH ER[HV VR \RX FRXOGQÂ·W WHOO WKH KXJH ZDOO KDG HYHU EHHQ WKHUH 7KHUH ZHUH DOVR QXPHURXV H[WUD FXUULFXODU OHVVRQV RQ WKH %HUOLQ :DOO WKURXJKRXW WKH GD\ &DWKHULQH :LFNHQV <HDU FR RUGLQDWHG E\ 0U /HLJKWRQ

7RP /DZWRQ DQG <HDU V GHPRQVWUDWH LQ IURQW RI WKH %HUOLQ :DOO

*HRUJH +DUYH\ FKHFNLQJ $OH[ 2ZHQÂ·V SDVV DW 7KH %HUOLQ :DOO

<HDU 0D[ 3RUWHU DQG -DFRE (OFRFN DFWLQJ RXW LQ IURQW RI 7KH %HUOLQ :DOO

0U '\HU KDV EHHQ DUUHVWHG IRU GHIHFWLQJ

<HDU VWXGHQWV DQG FDWHULQJ VWDII GXULQJ WKH FHOHEUDWLRQ RI WKH FROODSVH RI WKH %HUOLQ :DOO

'DQLOH 7RQH\ <HDU SDWUROV WKH ZDOO DV DQ (DVW *HUPDQ SROLFH RIILFH

8SSHU 6FKRRO 7KLQNLQJ DQG /HDUQLQJ 'D\ 7KXUVGD\ WK -XO\ VDZ 7KLQNLQJ DQG /HDUQLQJ 'D\ DV D SDUW RI WKH HQG RI WHUP DFWLYLWLHV 7KLV ZDV D ZKROH 8SSHU 6FKRRO HYHQW LQ ZKLFK VWXGHQWV SDUWLFLSDWHG LQ WHDP EXLOGLQJ FURVV FXUULFXODU DFWLYLWLHV EDVHG XSRQ WKH LGHD RI D ILFWLRQDO P\VWHULRXV GLVDSSHDUDQFH

&RQVWUXFWLQJ D SKRWRILW RI WKH VXVSHFW

6WXGHQWV DWWHPSW WR TXHVWLRQ 'HLGUH WKH WHD ODG\

7KH GD\ VWDUWHG ZLWK FKDSHO GXULQJ ZKLFK WLPH WKH VFKRRO ZDV EULHIHG WKDW 0U %ULDQ :LOVRQ WKH GLUHFWRU IRU D ORFDO DPDWHXU GUDPDWLFV JURXS WKH 7HWWHQKDOO 3OD\HUV KDG P\VWHULRXVO\ GLVDSSHDUHG GXULQJ WKH FRXUVH RI UHKHDUVDOV IRU WKH 7HWWHQKDOO 3OD\HUVÂ· ODWHVW SURGXFWLRQ Â¶0XUGHU LQ WKH 0DQVLRQÂ·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

7HWWHQKDOO 3OD\HUV 7KH WHDPV ZHUH DEOH WR DVFHUWDLQ WKDW WZR RI WKH 7HWWHQKDOO 3OD\HUV ZHUH ZRUNLQJ WRJHWKHU DIWHU GHFRGLQJ D VHFUHW PHVVDJH DQG ILQDOO\ WR FUHDWH D SKRWRILW IURP UHDGLQJ SROLFH ZLWQHVV VWDWHPHQWV ZKLFK WKH\ WKHQ FRPSDUHG WR SKRWRJUDSKV RI WKH 7HWWHQKDOO 3OD\HUV RQ WKH 73VÂ· ZHEVLWH $UPHG ZLWK DOO WKLV LQIRUPDWLRQ VWXGHQWV KDG D SUHWW\ JRRG LGHD DV WR ZKR KDG PDGH %ULDQ GLVDSSHDU EXW QRW ZK\ :KHQ VHHNLQJ WR LVRODWH WKH PRWLYH VWXGHQWV GLVFRYHUHG DQ DIIDLU EHWZHHQ %ULDQ DQG KLV OHDGLQJ ODG\ WKH\ DOVR XQGHUWRRN WR LQWHUYLHZ 'HLGUH WKH WHD ODG\ ZKR DOWKRXJK DQ DEVROXWH JRVVLS PLJKW ZLWK SHUVLVWHQW TXHVWLRQLQJ KDYH WROG WKHP ZKLFK WZR SHRSOH SDUWLFXODUO\ REMHFWHG WR %ULDQÂ·V SDUW LQ WKH ORYH DIIDLU :LWK FDUHIXO UHDGLQJ RI -DPHV 3RUWHUÂ·V EORJ WKH WHDPV ZHUH DEOH WR GLVFRYHU WKDW DV WKH DXWKRU RI WKH SOD\ KH WRR KDG D UHDVRQ WR IHHO D JULHYDQFH WRZDUGV %ULDQ 0RWLYHV FRQWLQXHG WR IDOO WKLFN DQG IDVW ZLWK VWXGHQWV UHDOLVLQJ WKDW ERWK +DPLVK 3HQWOH\ DQG 'LJE\ 7URWWHU REMHFWHG WR %ULDQÂ·V SODQV WR H[WHQG WKH 7HWWHQKDOO &LYLF &HQWUH ZKLOVW 'RQQD 6PLWKÂ·V PRELOH SKRQH PLVWDNH FDXVHG WKH WHDPV WR UHDOLVH WKDW VKH UHVHQWHG %ULDQ IRU QRW JLYLQJ KHU WKH OHDG UROH

3LHFLQJ WRJHWKHU D EODFNPDLO OHWWHU

5HDGLQJ WKURXJK -DPHV 3RUWHUÂ·V EORJ

8SSHU 6FKRRO +DYLQJ LVRODWHG VHYHUDO UHDVRQV IRU YDULRXV PHPEHUV RI WKH 7HWWHQKDOO 3OD\HUV ZLVKLQJ WR PDNH %ULDQ GLVDSSHDU WHDPV ZHUH DEOH WR FKRRVH WKH ULJKW PRWLYH E\ PDWFKLQJ WKHLU ILQGLQJV WR WKH VXVSHFW V WKH\ KDG LGHQWLILHG DV PRVW OLNHO\ WR EH UHVSRQVLEOH %XW WKH\ VWLOO GLGQÂ·W NQRZ ZKHUH %ULDQ ZDV EHLQJ NHSW 7KH ILQDO VWDJH RI HDFK WHDPÂ·V LQYHVWLJDWLRQ ZDV WR FRPSOHWH IRXU VWDQG DORQH DFWLYLWLHV WKDW VLPSO\ HDUQHG WKH WHDP FOXHV LQ RUGHU WR LGHQWLI\ WKH SODFH ZKHUH %ULDQ ZDV KLGGHQ 7KHVH DFWLYLWLHV LQFOXGHG D Â¶ZKDW LV LQ WKH ER["Â·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

7KH GD\ HQGHG ZLWK D ILQDO FKDSHO ZKHUH WKH VROXWLRQ WR WKH LQYHVWLJDWLRQ ZDV DQQRXQFHG LW ZDV 'LJE\ 7URWWHU DQG +DPLVK 3HQWOH\ ZRUNLQJ WRJHWKHU RI FRXUVH 'LJE\ D FRXQFLOORU ZLWK D VHDW RQ WKH SODQQLQJ DSSURYDO FRPPLWWHH ZDV EHLQJ EODFNPDLOHG E\ %ULDQ LQWR SXVKLQJ WKURXJK DQ DJUHHPHQW IRU KLV SODQV WR H[WHQG WKH 7HWWHQKDOO &LYLO &HQWUH +DPLVK 3HQWOH\ WKH FDUHWDNH RI WKH &LYLF &HQWUH FRXOGQÂ·W EHDU WKH WKRXJKW RI LW EHLQJ DOWHUHG DQG VR WKH\ KDG MRLQHG IRUFHV 7KH\Â·G DUUDQJHG IRU %ULDQÂ·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

%OLQGIROGHG FRPPXQLFDWLRQ FKDOOHQJH

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

<HDU $V DOZD\V <HDU KDYH WDNHQ RQ WKH UROH RI VFKRRO SUHIHFWV OHG YHU\ HIIHFWLYHO\ E\ WKH /HDGHUVKLS 7HDP 7KHVH SXSLOV KDYH SURYLGHG DQ H[FHOOHQW VXSSRUW IRU VWDII LQ D YDULHW\ RI JXLVHV IURP GDLO\ GXWLHV WR VXSHUYLVLQJ SXSLOV LQ DFWLYLWLHV DV ZHOO DV UHSUHVHQWLQJ WKH VFKRRO GXULQJ QXPHURXV SXEOLF IXQFWLRQV LQFOXGLQJ 3UL]HJLYLQJ DQG 2SHQ 'D\V 7KH ZRQGHUIXO HDUO\ 6XPPHU ZHDWKHU RIIHUHG DQ H[FHOOHQW RSSRUWXQLW\ WR WKDQN WKHVH SXSLOV IRU WKHLU KDUG ZRUN ,Q ODWH 0D\ KRW RQ WKH KHHOV RI WKH DQQXDO Â¶/HDYHUVÂ· /XQFKÂ· ZH VKHSKHUGHG WKHP DOO GRZQ RQWR WKH ERWWRP SLWFKHV IRU WKHLU ILQDO DIWHUQRRQ WRJHWKHU $ ERXQF\ FDVWOH D FULFNHW PDWFK VRPH VXQEDWKLQJ DQG FKRF LFHV ODWHU ZH KDG ZHOO DQG WUXO\ URXQGHG RII WKH \HDU LQ VW\OH DQG OHW RII VRPH VWHDP EHIRUH WKH ULJRXUV RI VWXG\ OHDYH EHJDQ

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

/HDGHUVKLS 7UDLQLQJ $V <HDU SUHSDUHG WR WDNH RQ WKHLU UROH DV VFKRRO OHDGHUV D YDULHW\ RI H[FLWLQJ DFWLYLWLHV DQG FKDOOHQJHV HQFRXUDJHG WKHP WR GHYHORS WKHLU WHDPZRUN OHDGHUVKLS DQG FRPPXQLFDWLRQ VNLOOV 7KH 5R\DO 0DULQHV SXW XV WKURXJK RXU SDFHV DV WKH\ GHOLYHUHG DQ DFWLRQ SDFNHG GD\ RI SK\VLFDO DQG PHQWDO FKDOOHQJHV ,W ZDV UHDOO\ HQOLJKWHQLQJ WR VHH WKH JURXS G\QDPLFV DV WKH SXSLOV HQWHUHG LQWR WKH VSLULW RI WKLQJV GLIIXVLQJ Â¶ERPEVÂ· EXLOGLQJ KLJKO\ FRPSOH[ HJJ FDWFKLQJ GHYLFHV XQWDQJOLQJ Â¶LPSRVVLEOHÂ· KXPDQ NQRWV DQG UDFLQJ DJDLQVW HDFK RWKHU RQ JLDQW VNLV 7KH VWUHQJWKV RI LQGLYLGXDOV TXLFNO\ FDPH WR WKH IRUH DQG WKH SXSLOV OHDUQW D JUHDW GHDO DERXW OLVWHQLQJ WHDPZRUN DQG FRPPXQLFDWLRQ ZLWK FOHDU OHDGHUV HPHUJLQJ IURP D YDULHW\ RI GLIIHUHQW SHHU JURXSV <HDU Â·V H[FHOOHQW OHDGHUVKLS VNLOOV ZHUH RQFH DJDLQ SXW WR JRRG XVH LQ WKH 7KLQNLQJ DQG /HDUQLQJ 'D\ ZKLFK WRRN SODFH DW WKH HQG RI WKH 6XPPHU WHUP 7KLV H[FHOOHQW IXOO GD\ HYHQW VDZ <HDU RUJDQLVLQJ DQG OHDGLQJ WKHLU JURXSV RI 3DQWKHUV 7LJHUV 6ZRUGILVK DQG RWKHU FUHDWXUHV WKURXJK D VHULHV RI DFWLYLWLHV DQG FKDOOHQJHV LQ RUGHU WR VROYH WKH P\VWHU\ RI WKH PLVVLQJ Â¶7HWWHQKDOO 3OD\HUÂ· ,W ZDV D JUHDW GD\ DQG DQ H[FHOOHQW RSSRUWXQLW\ IRU WKH 6L[WK )RUP WR WDNH RQ IXUWKHU UROHV RI UHVSRQVLELOLW\

8SSHU 6FKRRO <HDU ,QGXFWLRQ 3URJUDPPH 7KH <HDU LQGXFWLRQ SURJUDPPH JLYHV SURVSHFWLYH VL[WK IRUPHUV WKH FKDQFH WR WDNH SDUW LQ D VHOHFWLRQ RI VL[WK IRUP OHVVRQV DQG VSHDN LQIRUPDOO\ ZLWK WKHLU WHDFKHUV DERXW WKHLU $6 DQG $ OHYHO VWXG\ 7KLV KDOI GD\ VHVVLRQ ZDV IROORZHG E\ D YLVLW WR WKH DGUHQDOLQ SXPSLQJ Âś&ORVHU WR WKH (GJH $HULDO 5RSHV $GYHQWXUHÂˇ DW %DJJHULGJH &RXQWU\ 3DUN IRU D GD\ RI SHUVRQDO DQG WHDP FKDOOHQJHV DOO DW DQ DOWLWXGH RI URXJKO\ IHHW 6HYHUDO ]LS ZLUHV WRWHP SROHV DQG KLJK ULVH REVWDFOH FRXUVHV ODWHU WKH SXSLOV ZHUH WUHDWHG WR DQ LPSURPSWX EDUEHFXH EHIRUH KHDGLQJ RII KRPH VOLJKWO\ GLVKHYHOOHG YHU\ WLUHG EXW FRQWHQWHGO\ IXOO RI EXUJHUV VDXVDJHV DQG SHUVRQDO VXFFHVV

Summer Ball The highlight of this yearâ&#x20AC;&#x2122;s social calendar was the long awaited Sixth Form Summer Ball which took place at the Connaught Hotel. This was an excellent opportunity to say â&#x20AC;&#x2DC;bon voyageâ&#x20AC;&#x2122; to the leavers and to wind down after the challenges of AS and A2 examinations. Needless to say the ball was a huge success, it was an extremely happy occasion full of dancing, a plentiful hot and cold buffet and more dancing. A huge thank you to Mr Dyer for his hard work in organising such an enjoyable event and also to Joe Tanton and Holly Winwood for helping to set up beforehand. So with the passing of another academic year it was necessary of course to say farewell to various people â&#x20AC;&#x201C; both pupils and teachers. This year several pupils leave us after being at school for most, if not all, of their school careers and the end of term marked both a happy and a very sad milestone. However, as one unknown author once said â&#x20AC;&#x2DC;If nothing ever changed, thereâ&#x20AC;&#x2122;d be no butterfliesâ&#x20AC;&#x2122;, so we therefore wish Year 13 all the very best in the challenges that lie ahead of them next year and beyond. Farewell also to Dr. Bodkin and to Dr. Mottershead, who has been a record holding personal tutor for many years, and a special thank you to the prefects, the Leadership Team, Head Prefect Joshua Thornton, and Deputy Head Prefect - Faye Paterson, for their help and support throughout the year. It is au revoir also to Mr Andrew Dyer who leaves Tettenhall College for a new position in September. As assistant head of year, personal tutor, teacher of maths, compĂ¨re extraordinaire, chief ball coâ&#x20AC;&#x201C;coordinator, master of the clipboard and Shakespearian Bottom, Mr Dyer has devoted much time and energy to helping make the Sixth Form and the School as a whole an exciting and challenging place to be and I am extremely grateful for all his support, his sense of humour and his three dimensional approach to tackling problems! So, as we look forward to a year of change with the new cohort of Year Twelve pupils, a new leadership team and head prefects, a new headmaster and several new faces amongst the staff and pupils, we wish â&#x20AC;&#x2DC;Good Luckâ&#x20AC;&#x2122; to all of our leavers in whatever the future holds. M. D. Uttley

8SSHU 6FKRRO +RXVH 5HSRUWV %DQWRFN +RXVH +RXVH 6WDII 6 /DZUHQFH 3 ( (YDQV - +LJJV 9 2Â·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Â¶SHUIRUPDQFHVÂ·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Â·V WHDP VSLULW IRU \RX 6 /DZUHQFH

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Â·W HDUQHG DQ\ WKHQ WKH\ ORVH VRPHRQH HOVHÂ·V ,I VRPHRQH FRQVLVWHQWO\ SHUIRUPV EDGO\ WKH\ ORVH SRLQWV WHUP E\ WHUP \HDU E\ \HDU +RZ GLG +D\GRQ GR LQ WKH :RUN FDWHJRU\" *RRG LQ WKH EHJLQQLQJ EXW ZH WDLOHG RII GUDPDWLFDOO\ ,QWHUHVWLQJO\ VRPH \HDU JURXSV GLG PXFK EHWWHU WKDQ RWKHUV )RU DOO +RXVHV QRW MXVW +D\GRQ KRZ GR \RX WKLQN \RXU <HDU GLG"

2YHUDOO WKLV KDV EHHQ D UDWKHU IUXVWUDWLQJ \HDU IRU +D\GRQ ZH KDYH EHHQ VR FORVH DQG \HW ZH ILQLVKHG ZHOO EHKLQG WKH OHDGHUV &OHDUO\ LW ZRXOG QRW WDNH YHU\ PXFK WR UHWXUQ XV WR RXU ORQJVWDQGLQJ ZLQQLQJ IRUP 1XPEHUV DUH DJDLQVW XV LW LV WUXH EXW LI ZH FDQ MXVW IRFXV D OLWWOH PRUH RQ WKRVH IHZ DUHDV ZKHUH ZH FRXOG GR EHWWHU ZH ZLOO VRRQ EH EDFN LQ FRQWHQWLRQ - *ZLOW

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Â·W WKHLU SDUWLFXODU VWUHQJWK ZKR GHVHUYH WKH PRVW SUDLVH DQG WKDQNV :H ZRQ WKH FURVV FRXQWU\ UXQQLQJ ZLWK WKH ER\VÂ·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Â¶UHDO OLIHÂ·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Â·1HLOO 6HQLRU (GXFDWLRQ 2IILFHU IRU WKH *HW $KHDG :LWK 67(0 SURMHFW FRPPHQWHG Â¶:LWKRXW RSSRUWXQLWLHV OLNH WKHVH PDQ\ RI WKHVH VWXGHQWV PD\ QHYHU KDYH EHHQ DEOH WR H[SHULHQFH XQLYHUVLW\ OLIH DQG JHW D ZRUWKZKLOH LQVLJKW LQWR WKH IDVFLQDWLQJ ZRUOG RI HQJLQHHULQJ 7KH *HW $KHDG ZLWK 67(0 SURJUDPPH VHHNV WR HQFRXUDJH \RXQJ SHRSOH IURP DOO EDFNJURXQGV DQG SDUWLFXODUO\ JLUOV WR GR JUHDW WKLQJV XVLQJ HQJLQHHULQJ VNLOOV DQG KHOS WXUQ FUHDWLYH LGHDV LQWR UHDOLW\ Âµ

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Â·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Â·V VWDII DIWHU ZKLFK HYHU\RQH YLVLWHG WKH 6KDNHVSHDUH H[KLELWLRQ , WKLQN VRPH HVFDSHG WR WKH GLYHUVLRQV MXVW RXWVLGH WKH WKHDWUH ZKHUH D PDUNHW ZDV EHLQJ VHW XS IXOO RI LQWULJXLQJ VWDOOV DQG GHOLFLRXV VPHOOLQJ IRRG VWDQGV :H ERDUGHG WKH FRDFK WR VHW RII KRPH DQG \HW DJDLQ H[SHULHQFHG WKH KRUURUV RI /RQGRQ WUDIILF 7KLV UHDOO\ ZDV WKH RQO\ GRZQVLGH WR WKH ZKROH YLVLW ZKLFK LQ HYHU\ UHVSHFW ZDV D JUHDW VXFFHVV HYHQ WKH ZHDWKHU ZDV H[FHOOHQW 7KH VWXGHQWV ZHUH DOO ZHOO EHKDYHG WKURXJKRXW WKH WZR GD\V QRW WKDW ZHÂ·G H[SHFW DQ\WKLQJ OHVV DQG DSSHDUHG WKRURXJKO\ WR KDYH HQMR\HG WKH H[SHULHQFH ZKLFK FRPELQHG ZRUN ZLWK WKH RSSRUWXQLW\ WR HQMR\ WKHPVHOYHV DQG ERQG DV D JURXS DW WKH EHJLQQLQJ RI WKH VFKRRO \HDU , VKRXOG SDUWLFXODUO\ OLNH WR WKDQN 0U (YDQV ZKR RUJDQL]HG WKH WULS DQG 0U %XOORFN DQG 0LVV 8WWOH\ ZKR DFFRPSDQLHG P\VHOI DQG WKH VWXGHQWV RQ WKLV PHPRUDEOH YLVLW 0UV $ 5LG\DUG

8SSHU 6FKRRO %RDUGLQJ +RXVHV $QG ILQDOO\ 6&+22/ +286( %2<6Â·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

6FKRRO +RXVH %R\VÂ· %RDUGLQJ +RXVH

2XWLQJV DQG $FWLYLWLHV 7KHUH KDYH EHHQ PDQ\ H[FLWLQJ DFWLYLWLHV DQG RXWLQJV WKLV \HDU 0\ PRVW PHPRUDEOH RI WKHVH EHLQJ WKH 5RWDU\ &OXE 'UDJRQ %RDW 5DFH DW +LPOH\ 3DUN LQ 0D\ :H PDQDJHG WR VHW WKH IDVWHVW WLPH RQ RXU ILUVW UDFH WR VHFXUH RXU SODFH LQ WKH ILQDO ,Q WKH ILQDO ZH ZHUH QDUURZO\ EHDWHQ E\ DQ DGXOW PHQÂ·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Â¶DFURVV WKH %ULWLVK &KDQQHOÂ· LQ D UHOD\ $OO ER\V WRRN SDUW DQG URZHG D PLQLPXP RI PHWUHV HDFK $V D UHVXOW RI DOO WKHLU HIIRUWV ZH ZHUH DEOH WR JLYH WKH 5RWDU\ &OXE Â&#x2026; WRZDUGV WKHLU FKDULW\ ZRUN , ZRXOG OLNH WR FRQJUDWXODWH 7RP 0XUUD\ DQG ,EUDKLPD &RQWH IRU EHLQJ +HDG DQG 'HSXW\ +HDG RI +RXVH UHVSHFWLYHO\ QH[W \HDU .HQ &KDQ 'DW 'XF 1JX\HQ &KULV /RQJ 1JX\HQ ZLOO PDNH XS WKH UHVW RI WKH 3UHIHFW 7HDP

&KDQQHO 5RZ

8SSHU 6FKRRO

'UDJRQ %RDW 5DFH

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

'UDJRQ %RDW 5DFH 9LFWRULRXV 7HDP

7KH %RDUGLQJ +RXVH ([SHULHQFH IURP QHZ ERDUGHUV 0\ IDYRXULWH WKLQJ LQ WKH %RDUGLQJ +RXVH LV WKH NLWFKHQ , OLNH WKH NLWFKHQ EHFDXVH LW LV DOZD\V FOHDQ ZKHQ , XVH LW DQG LW KDV D JRRG DWPRVSKHUH :KHQ , ILUVW VWDUWHG DV D ERDUGHU SHRSOH WRRN PH LQ HVSHFLDOO\ (XDQ 0U -DFNVRQÂ·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

*RRGE\H WR 0U '\HU

8SSHU 6FKRRO 7+251(<&52)7 *,5/6Â· %2$5',1* +286( )URP 7KH +RXVHPLVWUHVV 7KLV \HDU KDV DJDLQ EHHQ VWLPXODWLQJ HQULFKLQJ DQG LQVSLULQJ IRU DOO LQYROYHG LQ WKH RUJDQL]DWLRQ DQG WKH UXQQLQJ RI WKH *LUOVÂ·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Â&#x2026; 7KH WUDGLWLRQ LV IRU WKH +HDG RI +RXVH DQG 3UHIHFWV WR OHDG WKH ZD\ DQG WKDW LV SUHWW\ PXFK ZKDW WKH\ ZLOO EH GRLQJ LQ 7KRUQH\FURIW WRR +HOHQH &RPSDLQ +ROW

7KRUQH\FURIW *LUOVÂ· %RDUGLQJ +RXVH

:HVW 3DUN &KDULW\ 5XQ *LUOVÂ· %RDUGLQJ +RXVH

(QMR\LQJ D PHDO

8SSHU 6FKRRO /LWHUDU\ /LIH LQ 7KRUQH\FURIW 7HWWHQKDOO &ROOHJH DQG LQ SDUWLFXODU WKH *LUOVÂ· %RDUGLQJ +RXVH KDYH EHFRPH SDUW RI :ROYHUKDPSWRQ &KLOGUHQÂ·V %RRN &OXE ,W VWDUWHG DV , ZDV EURZVLQJ LQ :DWHU VWRQHÂ·V ZKHQ P\ DWWHQWLRQ ZDV FDXJKW E\ WKH WLWOH RI D ERRN LQ *HUPDQ Â¶$XVODQGHUÂ·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Â¶3ULVRQHU RI WKH ,QTXLVLWLRQÂ· (YHU\ WLPH ZH DUH WDNHQ WR QRW RQO\ D GLIIHUHQW ZRUOG EXW LQWR WKH IDVFLQDWLQJ SURFHVV RI EXLOGLQJ DQ HQWLUH QRYHO IURP RQH LGHD $ FUHDWLYH ZRUNVKRS LV SODQQHG ZLWK 3DXO 'RZVHOO QH[W WHUP DQG ZH DUH ORRNLQJ IRUZDUG WR KHDULQJ DERXW KLV QH[W QRYHO ZKLFK LV VHW LQ %HUOLQ

/LWHUDU\ (YHQW ZULWHU 7KHUHVD %UHQVOLQ

,W LV DQ LQWHUQDWLRQDO ZRUOGÂ«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

:RUN ([SHULHQFH LQ )UDQFH , GLGQÂ·W NQRZ ZKDW WR H[SHFW ZKHQ , ZDV VLWWLQJ RQ WKH SODQH RQ WKH ZD\ WR /LPRJHV , GLGQÂ·W NQRZ ZKDW WKH WRZQ , ZDV VWD\LQJ LQ ORRNHG OLNH RU WKH SHRSOH , ZDV VWD\LQJ ZLWK ZHUH ,W GLG VFDUH PH D OLWWOH EXW , ZDV PRVWO\ H[FLWHG WR H[SHULHQFH VRPHWKLQJ QHZ 8SRQ PHHWLQJ WKH SHRSOH , ZDV VWD\LQJ ZLWK , ZDV UHOLHYHG WKDW WKH\ ZHUH IULHQGO\ DQG DPLDEOH EXW WU\LQJ WR XQGHUVWDQG DQG FRQYHUVH ZDV GLIILFXOW DQG DV D UHVXOW IRU WKH ILUVW GD\ P\ RYHU XVHG SKUDVH ZDV Â¶RXLÂ· 7KH &XOWXUH ,W ZDV D YHU\ FXOWXUDO YLVLW P\ VWD\ LQ )UDQFH DQG P\ ILUVW HQFRXQWHU ZDV 2UDGRXU 6XU *ODQH ZKLFK ZDV WKLV ROG )UHQFK YLOODJH WKDW ZDV EXUQW GRZQ E\ WKH 1D]LV LQ WKH 6HFRQG :RUOG :DU 7KH\ KDG WUDQVIRUPHG WKH EXUQW UXLQV LQWR D PHPRULDO FHQWUH IRU WRXULVWV ZKHUH \RX FDQ ZDON WKURXJK WKH YLOODJH DQG VHH WKH GDPDJH WKDW ZDV GRQH D ORW RI WKLQJV ZHUH VWLOO ZKHUH WKH\ ZHUH

:RUN H[SHULHQFH LQ /Â·LVOH -RXUGDLQ ,Q WKH PRUQLQJ , ZRXOG JR WR /D 0DLULH DQG KHOS LQ VRUWLQJ RXW ERRNV IRU WKH OLEUDU\ WKH YLOODJH ZDV WR RSHQ WKHLU YHU\ ILUVW OLEUDU\ DQG , ZDV YHU\ SURXG , ZDV DSDUW RI LW , HQMR\HG KHOSLQJ ZLWK WKH ERRNV DQG FRYHULQJ WKHP DQG VRUWLQJ WKHP RXW ZKLOVW WKH VHFUHWDULHV H[SODLQHG WKH V\VWHP RI JRYHUQPHQW ZLWK WKH 0DLULHV LQ )UDQFH ,Q WKH DIWHUQRRQ , ZHQW WR WKH )R\HU WKH ROG SHRSOHÂ·V KRPH ZKHUH , ZHQW DURXQG ZLWK GLIIHUHQW QXUVHV WR KHOS WKHP ZLWK EDVLF WKLQJV VXFK DV ZDVKLQJ WKH UHVLGHQWV HQWHUWDLQLQJ WKHP DQG WDNLQJ WKHP EDFN WR WKHLU URRPV 7KLV WDVN ZDV D OLWWOH PRUH GLIILFXOW DV LW ZDV UHDOO\ FKDOOHQJLQJ P\ )UHQFK VSHDNLQJ VNLOOV LW ZDV TXLWH GLIILFXOW WR XQGHUVWDQG WKH UHVLGHQWV DV WKH QXUVH WROG PH VRPHWLPHV WKH\ ZRXOG WDON WR WKHPVHOYHV VR DJDLQ P\ DELOLWLHV ZHUH FKDOOHQJHG 2YHUDOO DOWKRXJK LW ZDV GLIILFXOW DQG YHU\ IHZ SHRSOH FRXOG VSHDN IOXHQW (QJOLVK ,Â·P JODG WKH\ GLGQÂ·W DV , OHDUQW D ORW PRUH LQ WKLV KDUG VLWXDWLRQ DQG E\ WKH HQG RI WKH WULS , DQVZHUHG LQ IXOO VHQWHQFHV DQG WKUHZ P\ RYHU XVHG SKUDVH ERRN RXW RI WKH ZLQGRZ

\HDUV DJR ,Q WKH FKXUFK LQ WKLV YLOODJH \RX FDQ VHH WKH EXOOHW KROHV ZLWKLQ WKH ZDOOV DQG WKH GDPDJH WKH ILUH KDG GRQH $QRWKHU YLVLW ZDV WR WKLV EHDXWLIXO YLOODJH FDOOHG Â¶7KH FLW\ RI ZULWLQJÂ· ZKHUH WKHUH ZHUH PDQ\ VPDOO VWUHHWV WKDW FRQWDLQHG VPDOO ERXWLTXHV RI ERRNV D ORW RI WKH ERRNV ZHUH VHFRQG KDQG DQG D ORW ZHUH DQWLTXHV ,W ZDV D YHU\ SOHDVDQW YLOODJH DV LW ZDV RQ WKH RWKHU VLGH RI WKH ULYHU IURP 0RQWPRULOORQ D VPDOO WRZQ 7KH YLOODJH , ZDV VWD\LQJ LQ /Â·LVOH -RXUGDLQ ZDV YHU\ GLIIHUHQW IURP :ROYHUKDPSWRQ WKH VWUHHWV ZHUH YHU\ TXLHW DQG FOHDQ DQG DOO \RX FRXOG KHDU PRVW RI WKH WLPH ZHUH WKH ELUGV VLQJLQJ 7KH YLOODJH FHQWUH ZDV YHU\ TXDLQW DQG VPDOO EXW LW ZDV HQMR\DEOH DV WKHUH DUH VWDQGV RXWVLGH IRU IUHVK IUXLW DQG YHJHWDEOHV DQG RI FRXUVH FKHHVH $ ORW RI WKH YHJHWDEOHV DQG EUHDG DQG WKH FKHHVH ZHUH QRW SURGXFHG IURP D ELJ FKDLQ WKH FRQWHQWV , DWH ZHUH HLWKHU JURZQ LQ 0U &RPSDLQÂ·V JDUGHQ RU WKH FKHHVH ZDV ERXJKW IURP D ORFDO IDUP ,W ZDV YHU\ RUJDQLF DQG D QLFH FKDQJH

8SSHU 6FKRRO 7KH 0XVLFDO

7KH 'URZV\ &KDSHURQH ,PDJLQH LW LV D FROG 1RYHPEHU HYHQLQJ DQG \RX DUH VLWWLQJ FRVLO\ RQ WKH VRID ZLWK D FXSSD ZDWFKLQJ &RUULH LQ \RXU EHG VRFNV ZKHQ VXGGHQO\ ZKDP %DQJ 7KH FDVW RI \RXU IDYRXULWH PXVLFDO FRPHV FUDVKLQJ WKURXJK WKH IULGJH GRRU LQWR \RXU ORXQJH &DQ \RX EHJLQ WR LPDJLQH WKH WKULOO WKH H[FLWHPHQW WKH VKHHU IUHDNHG RXW EHZLOGHUPHQW" :HOO WKLV LV H[DFWO\ ZKDW KDSSHQV WR Â¶0DQ LQ FKDLUÂ· WKH XQDVVXPLQJ DQG XQVXVSHFWLQJ OHDG RI WKLV \HDUÂ·V PXVLFDO H[WUDYDJDQ]D Â´7KH 'URZV\ &KDSHURQH Âµ <HV LW VRXQGV VRPHZKDW IDU IHWFKHG EXW KDQJ RQWR \RXU FRFRD DQG VXVSHQG \RX GLVEHOLHI IRU D FRXSOH RI KRXUV DQG Â¶7KH 'URZV\ &KDSHURQHÂ· ZLOO WDNH \RX RQ D PDJLFDO MRXUQH\ LQWR WKH GHFDGHQW ZRUOG RI WKH V ZKHUH WKH FKDPSDJQH IORZV WKH FDYLDU FKLOOV DQG WKH FKDUDFWHUV \RX PHHW DUH PDGGHU WKDQ D EXQFK RI PDG WKLQJV RQ PDG GD\ %DFN WR WKH SORW Â² 0DQ LQ &KDLU 1R PXVLFDO WKHDWUH IDQ DQG ORYHU RI DOO WKLQJV WKHDWULFDO -RVHSK +D\ZDUG SOD\V KLV IDYRXULWH UHFRUG RI DOO WLPH Â² Â¶7KH 'URZV\ &KDSHURQHÂ· $V WKH PHORGLF VWUDLQV RI WKH RYHUWXUH SHUPHDWH KLV LQQHU FLW\ EHGVLW OR DQG EHKROG WKH PXVLFDO PDWHULDOLVHV EHIRUH KLV DQG RXU YHU\ H\HV 7KLV Â¶PXVLFDO ZLWKLQ D PXVLFDOÂ· WUDQVSRUWV XV WR 0UV 7RWWHQGDOHVÂ·V IDVKLRQDEOH UHVLGHQFH ZKHUH WKH KRXVHKROG LV EXV\ SUHSDULQJ IRU WKH ZHGGLQJ RI WKH FHQWXU\ /LPHOLJKW ORYLQJ DFWUHVV DQG VWDU RI )HOG]LHJÂ·V )ROOLHV -DQHW 9DQ GH *UDDI KDV GHFLGHG WR TXLW WKH VWDJH LQ RUGHU WR PDUU\ KHU FXWH EXW UDWKHU GLP ZLWWHG IHOOD Â² 5REHUW 0DUWLQ )HOG]LHJ ZLOO GR DQ\WKLQJ WR VWRS WKH ZHGGLQJ DQG KDQJ RQWR KLV VWDU $GG WR WKH PL[ .LWW\ D VWDU VWUXFN FKRUXV JLUO D WULR

RI JDQJVWHUV SRVLQJ DV SDVWU\ FKHIV D GUXQNHQ FKDSHURQH DQ LGLRWLF /DWLQ ORWKDULR DQG D JXWV\ DYLDWUL[ DQG \RX KDYH DOO WKH PDNLQJV RI D MROO\ JRRG URPS WKURXJK PXVLFDO IDUFH ODQG :KDW PRUH GR \RX QHHG IRU DQ HYHQLQJÂ·V HQWHUWDLQPHQW" 'HVSLWH IUHTXHQW LQWHUUXSWLRQV IURP WKH WHOHSKRQH WKH DQVZHULQJ PDFKLQH D WRLOHW EUHDN DQG WKH ZURQJ UHFRUG 7KH 0DQ OHDGV XV WKURXJK KLV IDYRXULWH VKRZ SDXVLQJ WKH UHFRUG WR ILOO LQ WKH GHWDLOV DV ZH JR 0XVLF PD\KHP DQG D PXOWLWXGH RI PDG ZHGGLQJ JXHVWV DERXQG LQ 0UV 7RWWHQGDOHVÂ·V H[FOXVLYH UHVLGHQFH :LOO WKH JDQJVWHUV SXW SDLG WR WKH FHOHEULW\ ZHGGLQJ RI WKH \HDU" :LOO .LWW\ HYHU EH OHDGLQJ ODG\" :LOO 5REHUW VWRS ORRNLQJ DW KLPVHOI LQ WKH PLUURU ORQJ HQRXJK WR UHDOLVH WKDW KLV ILDQFpH LV SRVLQJ DV D )UHQFK JLUO WR PDNH KLP MHDORXV" :LOO EHVW PDQ *HRUJHÂ·V WLFNHU JLYH RXW EHIRUH LW DOO FRPHV JRRG" $QG FDQ 0UV 7RWWHQGDOH HYHU ZRUN RXW ZK\ VKH LV ZHDULQJ KHU SDUW\ IURFN" 3UREDEO\ QRW EXW WKHQ \RX FDQÂ·W ZLQ WKHP DOO 6DGO\ WKH SDWK RI WUXH ORYH FHUWDLQO\ UXQV UDWKHU URFNLO\ 7KDQNV WR D EOLQGIROG DQG D GRGJ\ )UHQFK DFFHQW WKH JXHVWV VRRQ OHDUQ WKDW WKH ZHGGLQJ LV RII 7KHQ WKH ZHGGLQJ LV EDFN RQ Â² EXW ZLWK D GLIIHUHQW FRXSOH /DWLQ /RWKDULR $OGROSKR ODGLHVÂ· PDQ H[WUDRUGLQDLUH LV VHQW E\ WKH IUDQWLF )HOG]LHJ WR VHGXFH WKH EULGH Â² VDGO\ EHFDXVH KH LV D ILUVW FODVV PRURQ KH VHGXFHV DQG SURSRVHV WR WKH VRPHZKDW Â¶GURZV\Â· FKDSHURQH ZKR LV WKULOOHG WR VHH Â¶ORYH FRPH FUDVKLQJ TXLWH OLWHUDOO\ WKURXJK KHU GRRU Â· 6HYHUDO Â¶LFHG ZDWHUVÂ· URXVLQJ GDQFH WXQHV DQG IDNH FKHUU\ EDNHZHOOV ODWHU 2K MR\ RK UDSWXUH WZR PRUH PDUULDJHV DUH RQ WKH FDUGV Â² )HOG]LHJ ILQDOO\ JLYHV LQ DQG SURSRVHV WR .LWW\ DQG 0UV 7RWWHQGDOH GHFODUHV KHU ORYH IRU KHU ORQJ VXIIHULQJ EXWOHU 8QGHUOLQJ

1RZ Â² DV ORQJ DV EHVW PDQ *HRUJH KDVQÂ·W IRUJRWWHQ WKH PLQLVWHU Â² RRSV %XW QHYHU IHDU Â² ZKDWÂ·V WKLV" +HOS DSSHDUV LQ WKH PRVW XQOLNHO\ RI SODFHV DV 7UL[ FRPHV FUDVKLQJ WKURXJK WKH ZDOO LQ KHU ELSODQH +XUUDK $ SLORW FDQ SHUIRUP D ZHGGLQJ DQG WKHQ WKH\ FDQ DOO JR RQ KRQH\PRRQ WR 5LR :KDW RQ HDUWK FRXOG JR ZURQJ" :HOO GRGJ\ ZLULQJ LQ WKH 0DQÂ·V DSDUWPHQW FRXOG FDXVH D SRZHU FXW ZKLFK LQ WXUQ FRXOG FDXVH WKH UHFRUG WR VWRS RQO\ PRPHQWV DZD\ IURP WKH IDEXORXV ILQDOH LQ WXUQ FDXVLQJ 7KH 0DQ WR KDYH D QHDU PHQWDO EUHDNGRZQ $DDDDDDDDUJK 7LPH WR VHQG LQ WKH Â¶6XSHUÂ· $QGUHZ ,VELVWHU ,Q QR WLPH WKH SRZHU UHWXUQV WKH UHFRUG SOD\HU FUDQNV XS DQG WKH Â¶, GRÂ·VÂ· DUH GRQH DQG GXVWHG 7KLV PXVLFDO ZDV DQ XQXVXDO RQH VWUXFWXUHG DURXQG 7KH 0DQÂ·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Â² DQG VR -RHÂ·V UHKHDUVDOV ZHUH TXLWH D ORQHO\ SURFHVV DV KH ZRUNHG RQ GHYHORSLQJ 7KH 0DQ DQG WKH MRXUQH\ KH WDNHV WKURXJK WKH SOD\ ,W ZDV RQO\ WRZDUGV WKH HQG RI WKH SURFHVV WKDW ZH DGGHG WKH 0DQ WR WKH UHVW RI WKH FDVW Â² DQG OHW KLP ORRVH RQ WKH DFWLRQ Â² HQDEOLQJ KLP WR LQWHUDFW ZLWK WKHP 7KH UHVW RI WKH FDVW KDG WR LJQRUH 7KH 0DQ Â² XQWLO WKH YHU\ HQG ZKHUH WKH DXGLHQFH

8SSHU 6FKRRO

JHW WKH LPSUHVVLRQ WKDW WKH EDUULHUV EHWZHHQ UHDOLW\ DQG PXVLFDO GLVVROYH DQG LQ D JRRVHEXPS FUHDWLQJ ILQDOH WKH\ DFNQRZOHGJH WKH SUHVHQFH RI 7KH 0DQ IRU WKH ILUVW WLPH DQG KH LV ZKLVNHG DZD\ ZLWK KLV QHZ IRXQG IULHQGV DV WKH FXUWDLQ IDOOV $OWKRXJK FHQWULQJ DURXQG D QDWXUDOLVWLF FKDUDFWHU Â¶7KH 'URZV\ &KDSHURQHÂ· VWLOO KDG LWV IDLU VKDUH RI ORYHDEOH ORRQV DQG QRQH PRUH VR WKDQ )D\H 3DWHUVRQÂ·V DVWRQLVKLQJO\ DEVHQW PLQGHG 0UV 7RWWHQGDOH $ FURVV EHWZHHQ 0DULH $QWRLQHWWH RQ 5HG %XOO DQG D SDQWRPLPH GDPH )D\H SXW RQ D KLODULRXV VKRZ DPLDEO\ SXWWLQJ XS ZLWK FRXQWOHVV Â¶VSLW WDNHÂ· UHKHDUVDOV VLW VSLW VWDQG VLW VSLW VWDQG VSLW VLW Â² DJDLQ SOHDVH 0UV 7 DOVR IDFHG RQH RI WKH VSHHGLHVW FRVWXPH FKDQJHV LQ 7RZHUVÂ· KLVWRU\ Â² )D\H JRW WKLV GRZQ WR D 7 IRUJLYH WKH SXQ DOWKRXJK EDFNVWDJH GLG RIWHQ UHVHPEOH DQ H[SORVLRQ LQ D %DUELH ZHGGLQJ GUHVV IDFWRU\ E\ WKH WLPH VKH KDG ILQLVKHG $LPHH )LVKHUÂ·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Â² DND WKH Â¶$OO %ULJKW 7RRWKSDVWH *X\Â· /DVW \HDU ZH GLGQÂ·W NQRZ KH FRXOG VLQJ Â² KH FRXOG WKLV \HDU KH GLGQÂ·W NQRZ KH FRXOG WDS GDQFH Â² KH FRXOG ZLWK D ELW RI VRIW VKRH VKXIIOH WKURZQ LQ IRU JRRG PHDVXUH 1RW ZDQWLQJ WR PDNH LW WRR

HDV\ IRU RXU LQWUHSLG PDWLQpH LGRO ZH DVNHG KLP WR GDQFH LQ UROOHU VNDWHV EOLQGIROGHG 6WUHWFK DQG FKDOOHQJH WKDWÂ·V ZKDW WKLV VKRZ LV DOO DERXW :KR NQRZV Â² QH[W \HDU \RX PLJKW VHH KLP SHUIRUPLQJ WKH KLJK ZLUH Â² EDFNZDUGV :DWFK WKLV VSDFH

3HUKDSV WKH RQO\ RWKHU FKDUDFWHU ZLWK DGYLFH ZRUVH WKDQ *HRUJHÂ·V PDWHULDOLVHG LQ WKH VKDSH RI WKH 'URZV\ &KDSHURQH KHUVHOI 7KLV UROH QHHGHG VRPHRQH ZLWK VW\OH HOHJDQFH DQG DQ DELOLW\ WR ORRN JRRG LQ OHRSDUG SULQW 0LVWUHVV RI WKH IUHDN\ IDFLDO H[SUHVVLRQ DQG WKH W\SV\ WDQJR 0HJDQ 6FKXEHUW HSLWRPLVHG WKH UROH RI WKH VOLJKWO\ SDVW LW 5REHUWÂ·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Â² EXW $OGROSKR Â² .LQJ RI 5RPDQFH PDVWHU RI KH\ Â² ZKR FDUHV Â²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Â¶HDUWKZRUP Â· 1RW RQO\ GLG WKLV WKHDWULFDO IHDWV WR JHW WR JULSV ZLWK SHUIRUPDQFH GHPDQG D VROR VRQJ LW ZKLFK LQFOXGHG IOLQJLQJ KLV FDQH KLV DOVR VDZ +DUU\ VWUXWWLQJ KLV VWXII FHQWUH FDSH DQG D GUXQNHQ FKDSHURQH DURXQG VWDJH LQ D GDQFH EUHDN Â² DK VXFK WKH VWDJH DOO ZKLOVW NHHSLQJ DQ H\H RQ VW\OH VXFK JUDFH VXFK UK\WKP Â² VXFK WKH ODGLHHVVV VWUDQJH QDPHV IRU HYHQ VWUDQJHU GDQFH 7UL[ Â² FDVW OHDQ EDFN 7KH $YLDWUL[ PRYHV +DSS\ GD\V FDVW OHDQ IRUZDUG Â² FUDVK ODQGHG )HOG]LHJÂ·V SUHWW\ EXW YDFDQW ORYH G\QDPLFDOO\ RQ VWDJH HDFK QLJKW WKDQNV LQWHUHVW DND .LWW\ Â² MXVW .LWW\ Â² WKH WR WKH FR RUGLQDWLRQ DQG FRXUDJH RI FKRUXV JLUO ZDV EURXJKW WR OLIH VXSHUEO\ +DUULHW +RPPHUV 1RW FRQWHQW ZLWK E\ .HOO\ 3DWHUVRQ 3HUIHFWO\ EHGHFNHG VDYLQJ WKH GD\ DQG WKH ZHGGLQJ LQ LQ SODWLQXP EORQGH ZLJ DQG FKHHN\ D VHTXLQQHG ERPEHU MDFNHW +DUULHW JULQ .LWW\ HQWHUWDLQHG XV ZLWK KHU RQFH DJDLQ MXPSHG LQWR WKH FR VKHHU JXWV DQG D YRLFH WKDW ZRXOG FKRUHRJUDSKHUÂ·V FRFNSLW WDFWIXOO\ JLYH QDLOV GRZQ D EODFNERDUG D UXQ WXUQLQJ VRPHZKDW DLU\ LGHDV , FDQ VHH IRU WKHLU PRQH\ 4XLWH FKDUPLQJ EXW ZKDW , ZDQW WKHP WR GR Â² LWÂ·V NLQG RI WKLV TXLWH XVHOHVV Â² HYHQ LQ WKH FKRUXV VKH VLGHZD\V WKLQJ ZLWK D OHJ NLFN\ DGG VPLOHG WKURXJK DGYHUVLW\ DQG D WRQQH RI RQ LQWR DFWXDO GDQFH PRYHV FKHHUV FKHUU\ EDNHZHOOV EOHVV

8SSHU 6FKRRO +DUULHW ,Q DGGLWLRQ WR WKLV VKH DOVR F\FOHG VHYHUDO PLOHV WR DQG IURP KRPH MXJJOHG KHU *&6(Â·V DQG IOHZ GLIIHULQJ VL]HV RI ELSODQH Â² QR VPDOO IHDW HK" 8QGHUOLQJ Â² WKH FRRO XQIODSSDEOH ORQJ VXIIHULQJ EXW HYHU IDLWKIXO EXWOHU W\SH EORNH ZDV H[SHUWO\ FUHDWHG E\ 0DWWKHZ :LFNHQV $EO\ VXSSRUWHG E\ 'DQ 7RQH\ DV WKH 8QGHUOLQJÂ·V 8QGHUOLQJ KH IRXQG KXPRXU LQ WKH GULHVW RI GHOLYHULHV DQG GLG KLV EHVW WR NHHS PDG 0UV 7 LQ RUGHU Â² XQWLO WKH HQG ZKHQ , JXHVV KH UHDOLVHG LI \RX FDQÂ·W EHDW WKHP MRLQ WKHP DQG KH WRR MXPSHG RQ WKH EULGDO EDQGZDJRQ $Z Â² ZH ORYH D KDSS\ HQGLQJ 6ODSVWLFN VLOOLQHVV ZDV SURYLGHG E\ WKH WULR RI WDFWOHVV WUHDFOH WDUW WDVWLQJ JDQJVWHUV 7R ODVW \HDUÂ·V VXFFHVVIXO FRPLF SDLULQJ RI 6FRWW 3ODFH DQG -DFRE (OFRFN ZH DGGHG =DFK 2DNOH\ LQWR WKH PL[ Â² DQG WKH UHVXOW ZDV D KLJKO\ GHOLFLRXV FRQFRFWLRQ RI SLQVWULSHG JDQJVWHU VW\OH YDXGHYLOOH PD\KHP LQ IULOO\ SLQQLHV &ODVV\ 1R PXVLFDO ZRXOG HYHU EH FRPSOHWH ZLWKRXW LWV TXRWD RI UHSRUWHUV PDLGV IRRWPHQ ZHGGLQJ JXHVWV VKRZJLUOV DQG FORXG FDUULHUV $GG WR WKLV D VKRUW VQLSSHW RI WKH ZURQJ PXVLFDO ZLWKLQ D PXVLFDO Â²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Â² DJDLQ DQG DJDLQ DQG DJDLQ +RZ RQ HDUWK WKH\ PDQDJHG WR JHW WKH ULJKW WDEOH FORWK RQ WKH ULJKW WDEOH ZLWK WKH ULJKW IORZHUV WKH FRUUHFW GLVWDQFH IURP WKH FKDLVH ORQJXH DQG DW D SHUSHQGLFXODU

DQJOH IURP WKH FDQGHODEUDV LV D P\VWHU\ RQO\ +ROO\ :LQZRRG DQG KHU PDJLF SRVW LWV FDQ DQVZHU 6WLOO WKH\ GLG LW DQG DV D UHVXOW PD\ LQGHHG EH DEOH WR ODXQFK WKHLU QHZ FDUHHUV +DUYH\ 3ULQJOH DQG :LQZRRG IXUQLWXUH PRYHUV WR WKH VWDUV 'U 0RWWHUVKHDG VXUYH\RU RI VLJKWOLQHV PDVWHU RI WKH PDVNLQJ DQG ELSODQH EXLOGHU EDU QRQH VXUSDVVHG KLPVHOI WKLV \HDU DQG WUDQVIRUPHG DQ HOHJDQW 9LFWRULDQ VWDJH LQWR D WDWW\ $PHULFDQ EHGVLW 6RXQGV VLPSOH" <RXÂ·G WKLQN VR 7KH Â¶QRW VR EULHIÂ· GHVLJQ EULHI D FRXSOH RI ZDOOV DQ DUFKHG HQWUDQFH KHUH RQH KHUH 1R SUREOHP 2K DQG FRXOG ZH KDYH D IULGJH WKDW ORRNV OLNH D IULGJH EXW WKHQ SHRSOH ZDON RXW RI LW" $QG DOVR Â² WKLV LV TXLWH LPSRUWDQW Â² ZH QHHG D SODQH TXLWH D ELJ SODQH Â² LW NLQG RI FUDVKHV WKURXJK WKH DSDUWPHQW ZDOOV :KDW QH[W Â² WKH NLWFKHQ VLQN" :HOO LI WKDWÂ·V RN 6WLOO GHVSLWH WKH WHFKQLFDO FKDOOHQJHV VHYHUDO UROOV RI IORZHU\ SLQN ZDOOSDSHU WKDQNV WR WKH ,VELVWHUV IRU WKHLU VXSHU SDWWHUQ PDWFKLQJ XS VNLOOV DQG D JDOORQ RI SLOODU ER[ UHG ODWHU DQG WKHUH ZH KDYH LW Â² MXVW WLPH WR ILOO WKH VWDJH ZLWK WDFN EHIRUH FXUWDLQ XS KXUUDK $V DOZD\V D KXJH YRWH RI WKDQNV JRHV WR 'U 0RWWHUVKHDG DQG KLV FUHZ RI VHW EXLOGHUV DQG EDFNVWDJH EUXWH IRUFH +HDUWIHOW WKDQNV FRXSOHG ZLWK ERXQGOHVV DGPLUDWLRQ JRHV WR +ROO\ :LQZRRG ZKR SUHWW\ PXFK SURYLGHG HYHU\WKLQJ IURP VHQVH VHQVLELOLW\ ODZ DQG RUGHU WR WKH SURYHUELDO NLWFKHQ VLQN , NLG \RX QRW 2I FRXUVH D PXVLFDO ZLWKLQ D PXVLFDO FHUWDLQO\ ZRXOGQÂ·W EH PXFK RI D PXVLFDO ZLWKRXW WKH PXVLF 3KHZ $QG , ZRXOGQÂ·W EH WKH VDQH DQG EDODQFHG SHUVRQ , DP WRGD\ ZLWKRXW WKH FDOP UHDVVXUDQFH RI 0U :DVV , FDQÂ·W WHOO \RX KRZ PDQ\ FRQYHUVDWLRQV HQGHG ZLWK Â´LV LW JRLQJ WR EH RN"Âµ <HV Â´$UH \RX VXUH"Âµ 'HILQLWHO\ $QG KRZ PDQ\ UHKHDUVDOV LQFOXGHG WKH KHDWHG FRPPDQGV Â´RSHQ \RXU PRXWKV VLQJ 7KLV LV D PXVLFDO Âµ 6WLOO KLV JRRG FRS EDG FRS URXWLQH GLG WKH WULFN DQG E\ ZHHN , KDG PDQDJHG WR VWD\ RXW RI WKHUDS\ DQG WKH FDVW ZHUH PDNLQJ D SUHWW\ LPSUHVVLYH VRXQG 5HVXOW 7HWWHQKDOO &ROOHJHÂ·V RZQ %XVE\ %HUNHOH\ Â² DND 0UV 7D\ORU PDQDJHG WR FKRUHRJUDSK IRXU PRQNH\V DQG D QLJKWPDUH VHTXHQFH ZKLOH MXJJOLQJ WZR VFKRRO WULSV VHYHUDO KRXUV RI KRRYHULQJ DQG FRXQWOHVV KRPHPDGH ODVDJQHV IRU KHU XQGHUVWDQGLQJ IDPLO\ ZKR GRQÂ·W UHDOO\ VHH KHU PXFK GXULQJ WKH VXPPHU WHUP 7KH Â¶%ULGHÂ·V /DPHQWÂ· Â² DIIHFWLRQDWHO\ WHUPHG WKH Â¶0RQNH\ 'DQFHÂ· Â² WUDQVSRUWHG XV LQWR -DQHWÂ·V QLJKWPDUH ZRUOG .HHQ WR ZHHQ KHU IROORZHUV RII WKH &KDUOHVWRQ 0UV 7D\ORU DGGHG VRPH VWUDQJH MHUN\ KHDG PRYHV LQWR WKH PL[ Â´LWÂ·V PRGHUQ GDQFH %HOOD Â² VKH LV ORVLQJ KHU PLQG LWÂ·V DUW LWÂ·V WKHDWUH MXVW GR LW Â² DQG ZHDU WKLV PDVN Âµ 2GG DV WKH 0RQNH\ VRQJ ZDV Â² HDFK VKRZVWRSSHU SURYLGHG LWV RZQ OLWWOH EXQGOH RI UK\WKPLFDO FKDOOHQJHV 8QSKDVHG E\ WKH Â¶)DQF\ 'UHVVÂ· WR ERE RU QRW WR ERE GLOHPPD 0UV 7D\ORU DQG FR SLORW +DUULHW +RPPHUV WUDQVIRUPHG RXU WZR OHIW IHHW LQWR D WDS EDOO FKDQJH DQG RXU VKRGG\ IRRW ZRUN LQWR D KRW VKRH VKXIIOH Â¶6KRZ 2IIÂ· VDZ XV ZDONLQJ OLNH GHUDQJHG (J\SWLDQV IROORZHG E\ ZDOW]LQJ Â² OLJKW DV DLU ZKLOH Â¶, GR , GR LQ WKH 6N\Â· GHYHORSHG IURP D FRXSOH RI VWUHVVHG WHDFKHUV LQ D GLQLQJ URRP WR D VSHFWDFOH RI VRDULQJ DQG VZD\LQJ :H PDUFKHG OLRQ NLQJHG YXOWXUH VWHSSHG DQG FKDUOHVWRQHG OLNH *OHH FOXE DW WKH SUHOLPV 7KDQNIXOO\ RXU Â¶7ROHGR 6XUSULVHÂ· URVH WR WKH RFFDVLRQ $IWHU PXFK GHOLEHUDWLRQ RYHU KRZ WR Â¶FKRS WKH QXWV DQG SRXQG WKH GRXJKÂ· LQ WLPH WR WKH PXVLF 6XUSULVH Â² LW ILQDOO\ ORRNHG UHDG\ 2K \H RI OLWWOH IDLWK $ FRPELQDWLRQ RI FRPSOH[ FKRUHRJUDSK\ FDVW FR RUGLQDWLRQ DQG FUHDWLYH FXWWLQJ DQG SDVWLQJ ILQDOO\ JRW XV WKRXJK Â¶6WXPEOH $ORQJÂ· %R\ ZHUH ZH VHDVRQHG VWXPEOHUV E\ WKH HQG RI WKDW RQH " %\ RSHQLQJ QLJKW 0UV 7D\ORU PDGH VXUH WKHUH ZHUH QR Â¶&ROG )HHWÂ· RQ 7 & VWDJH Â² ZH ZHUH VPRNLQJ 6WLOO FDWFKLQJ KHU EUHDWK IURP VRPH GRXEOH WLPH GRXEOH WLPH VWHSV VWHDG\ RQ WKHUH

8SSHU 6FKRRO 0U :DVV 0UV 7D\ORU MXVW KDG WLPH WR VHW RXW KHU VWDQG DV Â¶0UV 7D\ORU DQG &R Â² PDNHXS ZKLOH \RX ZDLW Â· 7KDQNV WR KHU DQG DOO KHU IDQWDVWLF DUWLVWV ZKR WUDQVIRUPHG VFKRROER\V LQWR VODYH ER\V DQG VFKRROJLUOV LQWR VKRZJLUOV 0LVWUHVV RI WKH H\HOLQHU VKLPPHU VKLQH DQG EHDXWLIXOO\ FRLIIHG PRXVWDFKH WKH UHVXOWV DV DOZD\V LQGXFHG KLODULW\ DQG DGPLUDWLRQ E\ WKH EXFNHW ORDG +DYLQJ UDLGHG HYHU\ FKDULW\ VKRS LQ WKH :HVW 0LGODQGV IRU FDUGLJDQV 0UV 6SHQFHU WXUQHG KHU KDQG WR SRV\ DQG SDQWV KXQWLQJ 7KHUH LVQÂ·W D EDUJDLQ EDVHPHQW WKDW LVQÂ·W UHHOLQJ IURP KHU HDJOH H\HG VHDUFKLQJ :KHQ VKH ZDVQÂ·W ILWWLQJ IODSSHU GUHVVHV RU FXWWLQJ RXW D IUHVK EDWFK RI ERZWLHV 0UV 6SHQFHU FRXOG EH IRXQG VRPHZKHUH XQGHU D SLOH RI ODFH YHOYHW DQG JROG IDEULF DV VKH ZKLSSHG XS ZHGGLQJ GUHVVHV IDQF\ GUHVVHV DQG VHYHUDO RWKHU W\SHV RI GUHVVHV OLNH KHU OLIH GHSHQGHG RQ LW 7KDQNV DOVR WR 0UV +DPPRQG ZKR DV DOZD\V JRW VWXFN LQ ZLWK PLQLPXP IXVV DQG PD[LPXP VDUWRULDO VXFFHVV :LWK 0UV &RRSHU RQ PDWHUQLW\ OHDYH 5HDOO\ 7KH OHQJWKV VRPH SHRSOH ZLOO JR WR JHW RXW RI PDNLQJ D IDNH VQDNH LQ D EDVNHW WKH WULR EHFDPH D GXR LQ WKH IDPLOLDU IRUP RI 0UV 1DVK DQG 0UV *ZLOW 5ROOHU VNDWHV KLS IODVNV SRWWHG SODQWV DQG ZDONLQJ FDQHV UXEEHG VKRXOGHUV ZLWK KDW ER[HV PDUWLQL JODVVHV DQG WDEOHFORWKV XQGHU WKH ZDWFKIXO H\H RI WKH SURSV PLVWUHVVHV 3URIHVVLRQDO WR WKH FRUH WKH\ QHYHU IOLQFKHG ZKHQ IDFHG ZLWK D ODVW PLQXWH UHTXHVW IRU EUDQG\ LQ WKH GHFDQWHU PDUWLQL LQ WKH FRFNWDLO JODVVHV RU D WHHQ\ ZHHQ\ FKHUU\ EDNHZHOO QHVWOHG DPRQJVW WKH IDNH FDNHV ,Q IDFW VXFK LV WKHLU VNLOO ZLWK WDEOH FORWKV FKDPSDJQH IOXWHV DQG VLOYHU WUD\V RQH ZRQGHUV ZK\ WKH\ KDYHQÂ·W VHW XS WKHLU RZQ FDWHULQJ EXVLQHVV Â² ZDWFK WKLV VSDFH , ZRXOG OLNH WR WKDQN HYHU\RQH LQYROYHG LQ PDNLQJ Â¶7KH 'URZV\ &KDSHURQHÂ· VXFK D VXFFHVV 7KDQNV WR WKH SDUHQWV ZKR WUDQVSRUWHG WKHLU RIIVSULQJ WR DQG IURP

IURP DQG WR UHKHDUVDOV ZKR KLWFKHG XS KLUHG LQ DQG KHOSHG RXW ZLWK FRVWXPHV DQG OHDQW XV SUHWW\ PXFK PRVW RI WKHLU JDUGHQ IXUQLWXUH $ ELJ WKDQN \RX WR WKH 3DUHQWVÂ· $VVRFLDWLRQ ZKR UDQ WKH EDU UDQ XS VRPH KHPV DQG UDQ XS DQG GRZQ ODGGHUV WR GHFRUDWH WKH VHW 7KDQNV DOVR WR 0UV ,VELVWHU DQG WKH /RZHU 6FKRRO SDUHQWV IRU FR RUGLQDWLQJ WKH /RZHU 6FKRRO JDOD VKRZ :HOFRPH DERDUG DQG WD YHU\ PXFK WR OLJKWLQJ ZL]DUGV Â¶7HUU\ &RUEHWW DQG VRQÂ· IRU KDQGOLQJ WKH PDGQHVV DQG PD\KHP ZLWKRXW VR PXFK DV D UXIIOHG GLPPHU VZLWFK DQG DOVR WR 'DQ %\ZDWHU DQG :LOO %UDGOH\ IRU KHOSLQJ RXW DQG VWDQGLQJ E\ ZKHQ WKH VPRNH PDFKLQH SRZHUHG XS 7KDQNV DOVR WR $OH[ IRU ORDQLQJ XV KLV SRW SODQW FROOHFWLRQ DQG ORFNLQJ XS DIWHU XV WR 0U Â¶GRGJ\ MRNHÂ· '\HU DQG KLV IURQW RI KRXVH FUHZ DQG WR WKH FOHDQHUV ZKR SDWLHQWO\ ZDLWHG XQWLO ZH ILQDOO\ OHIW RQ )ULGD\ 7KDQNV WR 0U /HLJKWRQ IRU RXU VXQVHW 6RQLD DQG FUHZ IRU RXU VDQGZLFKHV DQG VDXVDJH UROOV DQG WR 0UV /LGGOH IRU PDNLQJ VR PXFK UHFRUG PHUFKDQGLVH VKH FRXOG VHW XS KHU RZQ FRPSDQ\ Â² Â¶*LPPLFN\ 7KLQJV WR JR ZLWK 0XVLFDOV GRW FRP Â· 7KHUH LV QR GRXEW WKDW Â¶7KH 'URZV\ &KDSHURQHÂ· ZDV D KLJKO\ HPRWLRQDO H[SHULHQFH :H ODXJKHG DQG FULHG LQ IDLUO\ HTXDO PHDVXUHV 6R PDQ\ RI RXU OR\DO FDVW DUH OHDYLQJ WKLV \HDU WKDW WKH ILQDO SHUIRUPDQFH ZDV PHW ZLWK D UHDO VHQVH RI H[FLWHPHQW DQG WUHSLGDWLRQ 1R RQH ZDQWHG LW WR HQG EXW ZH DOO NQHZ LW KDG WR Â² OHWÂ·V IDFH LW WKRVH ZLJV GR JHW D ELW LWFK\ DIWHU QLJKWV XQGHU VWDJH OLJKWV :H ZLVK DOO RXU OHDYHUV WKH YHU\ EHVW IRU ZKDW WKH IXWXUH KROGV DQG ORRN IRUZDUG WR ZHOFRPLQJ WKHP WR WKHLU 9,3 VHDWV LQ WKH DXGLHQFH QH[W \HDU $QG WKDW ZDV WKDW Â² Â¶7KH 'URZV\ &KDSHURQHÂ· Â² D PXVLFDO ZLWKLQ D FRPHG\ $K \HV ZH VWXPEOHG DW WLPHV ZH EXPEOHG LW LV HYHQ WUXH WKDW RQ WKH RGG RFFDVLRQ ZH IXPEOHG DURXQG VRPHZKDW LQ RXU VHDUFK IRU PXVLFDO

SHUIHFWLRQ EXW GHVSLWH WKH SXVKLQJ WKH VKRYLQJ WKH IRUJRWWHQ UHKHDUVDOV WKH ORVW ERZWLHV WKH VOHHSOHVV QLJKWV DQG WKH WHDUIXO JRRGE\HV WKHUH LV QR GRXEW WKDW HYHU\ VLQJOH PHPEHU RI RXU DPD]LQJ DQG VOLJKWO\ FUD]\ WHDP SOXPEOHG WKHLU VRFNV RII 6R OHWÂ·V UDLVH D JODVV WR WKH VKLPP\LQJ VKRZJLUOV WKH PDQLFXUHG PDLGV WKH IXUQLWXUH IOLQJLQJ IRRWPHQ WKH ZLOOLQJ ZHGGLQJ JXHVWV WKH VXQWDQQHG VODYHV DQG WKH ZHLUG DQG ZRQGHUIXO FKDUDFWHUV ZKR WXUQHG XS IRXU QLJKWV LQ D URZ WR 0UV 7RWWHQGDOHVÂ·V IDQF\ KRXVH IRU WKH ZHGGLQJ WKDW ZDV WKHQ ZDVQÂ·W WKHQ WKDQNIXOO\ ZDV DJDLQ $V ZH VWXPEOH DORQJ RQ OLIHÂ·V FUD]\ MRXUQH\ Â² KHUHÂ·V D WRDVW WR PXVLF PD\KHP PDGQHVV DQG PHPRULHV +HDU KHDU KLFFXS

1RZ 7KH 0DQÂ·V DUPFKDLU LV HPSW\ 0UV 7RWWHQGDOHÂ·V IDQF\ GUHVV OLHV DEDQGRQHG VRPHZKHUH EDFNVWDJH .LWW\Â·V KDOI HDWHQ FKHUU\ EDNHZHOO VLWV ORQHO\ RQ WKH HPSW\ WUD\ 'URZV\Â·V *LEVRQ JODVV LV GUDLQHG OHDYLQJ RQO\ WKH IDLQW ZKLII RI JODFp FKHUU\ QH[W WR $OGROSKRÂ·V VOLJKWO\ VTXDVKHG PRXVWDFKH ,Q WKH GLVWDQFH WKH JKRVWO\ VKDGRZ RI 7UL[Â·V HOHJDQW EL SODQH ORRPV TXLHW QRZ QHVWOHG DPLGVW 'U 0RWWHUVKHDGÂ·V GLVFDUGHG VWDJH ZHLJKWV DQG EDFNFORWKV $V ZH WDNH LQ WKLV YLVLRQ RI IDGHG WKHDWULFDOLW\ RQH TXHVWLRQ UHPDLQV Â² ZK\ WKH KHFN FDQÂ·W \RX JX\V WLG\ XS DIWHU \RXUVHOYHV" *RRGE\H HYHU\ERG\ *RRGE\H %RQ YR\DJH *RG EOHVV Â² Â¶WLO QH[W WLPH 0 ' 8WWOH\

8SSHU 6FKRRO VWDUW WR VHULRXVO\ DIIHFW WKH SRVVLELOLW\ RI PHHWLQJ WKH SUHVFULEHG GHDGOLQHV QDPHO\ ZKHQ WKH FXUWDLQ JRHV XS , Â¶HQMR\Â·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Â¶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Â·V SDUW RI WKH IXQ WKHQ ZHUH VR VLPSOH DSSO\ SDLQW :DOOSDSHU LV SXUFKDVHG 7KHUH DUH RWKHU SHRSOH DQG JURXSV WKDW 7KDW LQ LWVHOI ZDV DQ H[SHULHQFH )LQGLQJ ZDQW WR XWLOLVH WKH VWDJH DQG HYHQ VRPH VRPHZKHUH WKDW VHOOV ZDOOSDSHU IRU RI WKH PDWHULDO WKDW , ZLOO EH XVLQJ OHVV WKDQ D ILYHU D UROO ZDV D FKDOOHQJH Â¶6RUU\ \RX FDQÂ·W KDYH WKH VWDJH WKHQ :H YHQWXUHG RXW WR &DQQRFN 7KHUH LV QRWKLQJ ZURQJ QHFHVVDULO\ ZLWK DV LW LV WR EH XVHG E\Â·Â« 6RPH ZRRG KDV EHHQ Â¶ORVWÂ· DOWKRXJK &DQQRFN EXW QHJRWLDWLQJ WKH SULFH , PDQDJHG WR ILQG LW E\ PRYLQJ RQO\ D RI UROOV RI ZDOOSDSHU DQG DVNLQJ IRU FRXSOH RI IODWV DQG WKHUH EHKROG WKH PRUH GLVFRXQW EHFDXVH WKLV UROO Â¶ORVWÂ· LWHPV 6DGO\ WKH\ GR QRW EHORQJ KDV EHHQ RSHQHG ZDV D WHVW RI P\ WR 7 & DQ\ZD\ VR ZLOO EH RI QR YDOXH EXVLQHVV DFXPHQ $UPHG ZLWK UROOV RI ZDOOSDSHU PRUH KHOSHUV FRPH IRUWK DQG WR PH 2QO\ D PLQRU HQFXPEUDQFH DSSO\ LQ WKH SUHVFULEHG PDQQHU Â¶&DQ 0LVV ; KDYH WKH VWDJH IRU RQO\ D 'HFRUDWLQJ VHWV DOO RI D VXGGHQ FRXSOH RI KRXUV"Â· EHFRPHV DQ LVVXH WKDW DOO KDYH DQ 7KH FRQVWDQW QXPEHU RI RQ WKHLU RSLQLRQ RQ 3HRSOH DSSHDU RXW RI WKH RZQ RQO\ VPDOO LQFRQYHQLHQFHV EXW ZRRGZRUN QRW WKDW RI WKH VHW EXW RQ DJJUHJDWH VHULRXV GLVWUDFWLRQV WR PHWDSKRULFDOO\ VSHDNLQJ WKH IORZ RU ODFN RI IORZ WR SURGXFWLRQ 6HW %XLOGLQJ ZLWK 'U 0RWWHUVKHDG 7KH TXHVWLRQ , DVN PRVW IUHTXHQWO\ LV Â¶+DYH \RX GHFLGHG ZKDW WKH PXVLFDO LV WR EH \HW"Â· 7KLV HYHQWXDOO\ LV LPSDUWHG WR PH DQG WKH IXQ VWDUWV :KDW GR , DORQJ ZLWK P\ IDLWKIXO EDQG RI IHOORZ FRQMXUHUV RWKHUZLVH NQRZQ DV VHW EXLOGHUV QHHG WR EXLOG WKLV \HDU" :KDW HOVH ZLOO EH UHTXLUHG" 7KH DQVZHU WR WKH ODWWHU LV XVXDOO\ GULS IHG WR PH OHVW , FRQYXOVH DW WKH SURVSHFW RI WDVN VHW EHIRUH PH 7KH GLUHFWRU 0LVV 8WWOH\ LV QR IRRO RQ WKH FRQWUDU\ ZKDW VKH PDQDJHV WR FDMROH IURP P\VHOI 0UV 6SHQFHU 0UV 7D\ORU WKH SXSLOV DQG D P\ULDG RI RWKHUV LV LPSUHVVLYH

'RQÂ·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

7KHUH KDYH EHHQ WKH RGG DFFLGHQWV EXW RQO\ WKUHH RI WKHVH UHTXLUHG KRVSLWDO WUHDWPHQW IRU PH LQFOXGLQJ EURNHQ DQNOHV EXW WKH VKRZ ZHQW RQ

'R , KDYH P\ IDYRXULWHV" <HV RI FRXUVH Â· )RUELGGHQ 3ODQHWÂ· Â¶/LWWOH 6KRS RI +RUURUVÂ· DUH YHU\ KLJK RQ P\ OLVW +RZHYHU , KDYH HQMR\HG WKHP DOO IRU D YDULHW\ RI UHDVRQV $ ELJ Â¶WKDQN \RXÂ· WR DOO ZKR KDYH ZRUNHG ZLWK PH , KRSH WKH\ KDG DV PXFK IXQ DV , GLG PRVW RI WKH WLPH $QG\ 0RWWHUVKHDG

8SSHU 6FKRRO $ <HDU DW 7HWWHQKDOO &ROOHJH /LEUDU\ 7KH /LEUDU\ KDV VHHQ TXLWH D IHZ FKDQJHV GXULQJ WKH SDVW DFDGHPLF \HDU DQG VWDII DQG SXSLOV KDYH HQFRXQWHUHG *UXIIDORV DQG WLJHUV DQG EHDUV Â²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Â·W SOD\ IRU (QJODQG +DUU\ UHFHLYHG WKH ILUVW FRS\ RI $QGUHZÂ·V QHZ ERRN DQG D VSHFLDO 6S\ 'RJ W VKLUW 7KH YLGHR PHVVDJHV FDQ EH YLHZHG RQ <RX 7XEH

.LQGHUJDUWHQ DQG 5HFHSWLRQ VWDUWHG WR KDYH WKHLU RZQ LQGLYLGXDO VWRU\WLPHV RQ D )ULGD\ DIWHUQRRQ DIWHU SUHYLRXVO\ DOO EHLQJ WRJHWKHU 7KLV DOORZHG 5HFHSWLRQ WR KDYH VSHFLDO VWRU\WLPHV WR OLQN LQ ZLWK WRSLFV WKH\ ZHUH LQYHVWLJDWLQJ 7KLV LQFOXGHG PLQLEXJV DQG GLQRVDXUV DQG WKH\ SDUWLFXODU OLNHG WKH WDOH FDOOHG Â´:KHQ 'LQRVDXUV &DPH )UHH :LWK (YHU\WKLQJÂµ 7KH OLEUDU\ MRLQHG LQ ZLWK VSHFLDO WKHPHG ZHHNV WKURXJKRXW WKH \HDU DQG RQH WKHVH ZDV DOO DERXW ,QGLD DQG DOO FODVVHV YLVLWHG WKH 5HDGLQJ 5RRP IRU VWRULHV DERXW %HQJDO WLJHUV DQG ,QGLDQ IRON WDOHV 7KHUH ZHUH ORWV RI WLJHU FUDIWV WRR :RUOG %RRN 'D\ VDZ ORWV RI DFWLYLWLHV IRU 7KH 'ULYH 6FKRRO DQG D YLVLW IURP WKH 6FKRODVWLF %RRN 6KRS 7KH 'ULYH 6FKRROÂ·V DQQXDO %ULQJ <RXU %HDU WR 6FKRRO 'D\ LQ -XQH KHOSHG

UDLVH Â&#x2026; IRU WKH 7RXFKLQJ 7LQ\ /LYHV DSSHDO DQG WKHUH ZHUH EHDUV JDORUH LQ WKH 5HDGLQJ 5RRP ZKHUH DOO FODVVHV YLVLWHG IRU EHDU VWRULHV DQG FUDIWV DQG D WHGG\ EHDUÂ·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Â·V 3LFQLF 7KH FKLOGUHQ ZHUH YHU\ EUDYH DQG DOO PDQDJHG WR VXUYLYH WR WXFN LQWR SL]]D DQG VDQGZLFKHV ZLWK WKH *UXIIDOR DW OXQFKWLPH

+DUU\ *RUGRQ :LQQHU

8SSHU 6FKRRO

/RZHU 6FKRRO DW WKH /LEUDU\ 7KH SXSLOV KDYH HQMR\HG KDYLQJ WKHLU YHU\ RZQ 5HDGLQJ 5RRP DQG LQ SDUWLFXODU KDYLQJ WKHLU ZHHNO\ OHVVRQV LQ VXFK D ORYHO\ HQYLURQPHQW (DFK \HDU JURXS KDV KDG LWV RZQ GLVSOD\ ERDUG OLQNHG WR WKH SDUWLFXODU ERRN WKH\ DUH UHDGLQJ DV D FODVV 7KHUH KDYH EHHQ 5RDOG 'DKO VWRULHV DQ $OH[ 5LGHU DGYHQWXUH D YLVLW IURP 0U 0DMHLND DQG VRPH PHPRUDEOH WDOHV IURP 0LFKDHO 0RUSXUJR 7KHUH ZDV HYHQ D YHUVLRQ RI 7KH 5DLOZD\ &KLOGUHQ ZLWK '\ODQ DQG /HZLV SURYLGLQJ VRPH ZRQGHUIXO YRLFHV IRU 5REHUWD DQG 3K\OLVV +DOORZHÂ·HQ VDZ WKH 5HDGLQJ 5RRP WUDQVIRUPHG LQWR D GDUN DQG VFDU\ SODFH IXOO RI FREZHEV DQG EDWV DQG DIWHU VRPH VSLQH FKLOOLQJ WDOHV WKH SXSLOV ZHUH DVNHG WR WDNH SDUW LQ DQ DXGLWLRQ IRU 0RVW +DXQWHG ZKLFK VDZ WKH ILQDOLVWV KDYLQJ WR SXW WKHLU KDQGV LQWR VRPH WHUULI\LQJ ER[HV IXOO RI JKRXOÂ·V JXWV GHDG PDQÂ·V KDQGV DQG JKRVWO\ HFWRSODVP ,Q 1RYHPEHU WKHUH ZDV D WKHPHG ZHHN RQ UHDGLQJ DQG WKH OLEUDU\ KHOSHG 0UV /RIWLQJ WR RUJDQLVH D VHULHV RI HYHQWV LQFOXGLQJ YLVLWV IURP WKUHH DXWKRUV 7RP 3DOPHU ZKR ZULWHV IRRWEDOO ILFWLRQ ZDV D UHDO KLW ZLWK KLV SHQDOW\ VKRRW RXW TXL] DQG 0UV /RIWLQJ DQG 0U )RVWHU PDGH JUHDW JRDONHHSHUV 6KRR 5D\QHU ZKR ZULWHV DQG LOOXVWUDWHV FKLOGUHQÂ·V ERRNV JDYH D WDON RQ FUHDWLQJ LOOXVWUDWLRQV DQG ZDV UHDOO\ IXQQ\ ZKHQ WHOOLQJ KLV VWRULHV 3HWH -RKQVRQ WROG SXSLOV DOO DERXW KLV QHZ VWRU\ FDOOHG WKH 79 7LPH 7UDYHOOHUV DQG DQVZHUHG TXHVWLRQV RQ ZKDW LW ZDV OLNH WR EH DQ DXWKRU 7KHUH ZHUH ORWV RI RWKHU DFWLYLWLHV WR FHOHEUDWH WKH ZHHN LQFOXGLQJ D ERRN UHODWHG TXL] DQG WKH WUDQVIRUPDWLRQ RI WKH 5HDGLQJ 5RRP

LQWR 6WDUERRNV &RIIHH 6KRS ZKLFK ZDV RSHQ IRU SXSLOV WR FRPH LQ DQG UHOD[ ZLWK D ERRN :RUOG %RRN 'D\ VDZ D YLVLW IURP WKH 6FKRODVWLF %RRN )DLU DQG D SURJUDPPH RI DFWLYLWLHV IRU DOO FODVVHV LQFOXGLQJ D WLPH WUDYHOOLQJ TXL] 7KH Â´+RXVHÂµ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Â·V 'D\ DQG ERRNPDUNV DQG QRWHERRNV WRR 7KH %LQJR &OXE FRQWLQXHV WR EH SRSXODU DQG WKH SUL]HV IURP WKH VWDWLRQHU\ FXSERDUG DUH PXFK VRUW DIWHU 8SSHU 6FKRRO DW WKH /LEUDU\ ()/ VWXGHQWV KDYH EHHQ UHJXODU YLVLWRUV WR WKH /LEUDU\ IRU WKHLU /RQGRQ SURMHFW DQG IRU DQ (QGDQJHUHG $QLPDOV SURMHFW 7KH\ KDYH DOVR YLVLWHG WKH 5HDGLQJ 5RRP IRU D VSHFLDO 6SRRN\ 6WRULHV 6HVVLRQ DW +DOORZHÂ·HQ ZKLFK LQFOXGHG IRUWXQH WHOOLQJ E\ WKURZLQJ D FXUVHG VOLSSHU 9DOHQWLQHÂ·V 'D\ DOVR VDZ D VSHFLDO OLEUDU\ VHVVLRQ

IRU WKH ORYHORUQ ()/ SXSLOV ZKHUH WKH\ GLVFRYHUHG KRZ WR SUHGLFW URPDQFH XVLQJ VWDU VLJQV DQG WKH UHDO PHDQLQJ RI 9DOHQWLQHÂ·V 'D\ 7KH OLEUDU\ ZDV DOVR SDUW RI WKH 7KLQNLQJ DQG /HDUQLQJ 'D\ GXULQJ WKH ODVW ZHHN RI WHUP DQG D VSHFLDO WDVN ZDV VHW IRU WKH SXSLOV WR XVH WKHLU NQRZOHGJH RI ERRNV WR FUDFN D VHFUHW FRGH 7KHUH KDYH EHHQ UHJXODU YLVLWV IURP FODVVHV LQ <HDUV DQG RYHUDOO WKHUH KDV EHHQ DQ LQFUHDVH LQ WKH QXPEHU RI ERRNV EHLQJ ERUURZHG HVSHFLDOO\ E\ ER\V 7KH PRVW SRSXODU ERRNV WKLV \HDU KDYH EHHQ 'LDU\ RI D :LPS\ .LG E\ -HII .LQQH\ DQG WKH VHULHV RI ERRNV E\ 0LFKDHO *UDQW Â²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Â·W EH WKH VDPH ZLWKRXW KHU 6R D QHZ \HDU DQG D QHZ IDFH LQ WKH /LEUDU\ WRR Â² DQG DV DOZD\V D ZKROH QHZ \HDU RI DGYHQWXUHV WR ORRN IRUZDUG WR ' /LGGOH

8SSHU 6FKRRO &KDULWLHV 'LVDVWHUV (PHUJHQF\ &RPPLWWHH $SSHDO IRU +DLWL )ROORZLQJ WKH FDWDVWURSKLF HDUWKTXDNH WKDW VWUXFN +DLWL RQ WKH WK -DQXDU\ 7HWWHQKDOO &ROOHJH MRLQHG WKH LQWHUQDWLRQDO HIIRUW WR UDLVH PXFK QHHGHG IXQGV DQG WRJHWKHU ZH UDLVHG RYHU Â&#x2026; 0XFK WR WKH GHOLJKW RI <HDU VWXGHQWV DQ RXWGRRU FDIp ZDV VHW XS E\ <HDU SXSLOV GXULQJ WKH WZR GD\ RSHUDWLRQ WKH FDIp EHFDPH D JUHDW VRFLDO DUHD ZKHUH ODXJKWHU DQG FRQYHUVDWLRQ PLQJOHG ZLWK WKH VWHDP DQG VPHOOV RI KRW VRXS DQG FRIIHH 7KH FDIp UDLVHG DQ DGGLWLRQDO Â&#x2026; 0U /HLJKWRQ

$URXQG WKH 6FKRRO $OH[ 3RLOHÂ·V &KLQHVH *DUGHQ 7UDYHOLQJ ZLWKRXW JRLQJ WRR IDUÂ« ,W KDV EHHQ D SULYLOHJH DQG D SOHDVXUH WR EH DEOH WR WUDYHO LQ WLPH DQG SODFH ZLWKRXW OHDYLQJ WKH VFKRRO JURXQGV 7KDQNV WR $OH[ Â¶V LPDJLQDWLYH GHVLJQV ZH FDQ ZDON DORQJ WKH *UHDW :DOO RI &KLQD FRPSDUH WKH KLJKHVW PRXQWDLQV RI WKH ZRUOG SURMHFW RXUVHOYHV LQ D 0LGGOH $JH FDVWOH DQG DW WKH HQG RI LW DOO UHOD[ LQ WKH &KLQHVH JDUGHQ 7KH ODWWHU LV D WULEXWH WR WKH PDQ\ &KLQHVH VWXGHQWV ZKR KDYH OLYHG DW 7HWWHQKDOO &ROOHJH DQG RYHU WKH \HDUV HQULFKHG WKH VFKRRO E\ WKHLU FRQWULEXWLRQV ,W SURYLGHV D UHVWIXO SODFH VRPHZKHUH WR UHVW FKDW RU VLPSO\ WR DGPLUH DQG JHW LQVSLUHG

7HWWHQKDOO &ROOHJH 6FXOSWXUH 3DUN 'LG \RX NQRZ WKDW 7HWWHQKDOO &ROOHJH QRZ KDV LWV YHU\ RZQ VFXOSWXUH SDUN ULYDOOLQJ RWKHUV LQ WKH FRXQWU\" 2YHU WKH SDVW PRQWKV D YDULHW\ RI LQWHUHVWLQJ Â¶VFXOSWXUHVÂ·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Â·V 2SHQ 'D\V ' 6WRQH

7KRPDV DQG 2FWDYH E\ WKH 1RUPDQ &DVWOH

:LOOLDP *DR E\ *UHDW :DOO RI &KLQD

8SSHU 6FKRRO 3DUHQWVÂ· $VVRFLDWLRQ 7KH 3DUHQWVÂ· $VVRFLDWLRQ KDV KDG \HW DJDLQ DQRWKHU EXV\ \HDU DQG WKH FRPPLWWHH VXSSRUWHG WKH VFKRRO LQ PDQ\ YDULHG ZD\V 7HD DQG KRPH PDGH FDNH ZHUH VHUYHG DW WKH %OXHEHOO :DON LQ RXU QHZ YHQXH &DIH ZLWK $XWXPQ /HDYHV DQG WKH *KRVW :DON \HW WR WDNH SODFH EXW WKH HYHQWV DUH DOZD\V YHU\ ZHOO VXSSRUWHG FRPH UDLQ RU VKLQH :H KHOG RXU 6XPPHU )D\UH DJDLQ WKLV \HDU 7KLV ZDV KHOG LQ WKH VSRUWV KDOO DV ZH FRXOG QRW UHO\ RQ WKH ZHDWKHU :H KDG DQRWKHU JUHDW WXUQRXW ZLWK VRPH IDQWDVWLF VWDOOV $OO LQ DOO WKLV ZDV D VXFFHVV DV HYHU\RQH JRW LQYROYHG IURP 7KH 'ULYH WKURXJK WR 8SSHU 6FKRRO LQFOXGLQJ VRPH WHDFKHUV 7KHUH ZHUH ORWV RI PRPV DQG GDGV JUDQGPDV DQG JUDQGGDGV DOO VXSSRUWLQJ XV ZKLFK LV IDQWDVWLF

&KDLU 0UV 9LFNLH -RQHV 9LFH &KDLU 0UV &ODUH %DXJK 7UHDVXUHU 0UV 6DUDK +RXJKWRQ 8SSHU 6FKRRO 5HSUHVHQWDWLYH 0UV &DWKDULQH +DPPRQG /RZHU 6FKRRO 5HSUHVHQWDWLYH 0UV 6DUDK ,VELVWHU 'ULYH 6FKRRO 5HSUHVHQWDWLYH 0UV &ODUH %DXJK

7KH WKHPH RI RXU EDOO ZDV D Â¶*OLWWHUÂ· %DOO ZLWK WKH OLYH EDQG EHLQJ DPD]LQJ DQG HYHU\ERG\ JRW GUHVVHG XS LQ WKHLU ILQHU\ DQG KDG D UHDOO\ ORYHO\ HYHQLQJ 2XU &RPPLWWHH RQFH DJDLQ GLG XV SURXG DQG GHFRUDWHG WKH 7RZHUV 7KHDWUH LQ IDQWDVWLF VW\OH LQFOXGLQJ D KXJH &KULVWPDV WUHH ZKLFK UHDOO\ SXW HYHU\ERG\ LQ WKH PRRG 7KLV \HDUÂ·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Â·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Â· $VVRFLDWLRQ

7KH 2OG 7HWWHQKDOOLDQ 7KH 2OG 7HWWHQKDOOLDQVÂ· &OXE 'DWHV IRU 5HPHPEUDQFH 6XQGD\ 6HUYLFH WK 1RYHPEHU DW DP 9HQXH ,Q WKH &KDSHO 7KH VHUYLFH VXSSRUWV WKH Â¶+HOS IRU +HURHVÂ· DQG WKH 5R\DO %ULWLVK /HJLRQ FKDULWLHV 7KH +HDGPDVWHU H[WHQGV DQ LQYLWDWLRQ WR OXQFK DIWHUZDUGV

3UHVLGHQW *UDKDP )RXONHV 9LFH 3UHVLGHQW .HLWK *UDQW 3HDUFH &KDLUPDQ 3HWHU 3LQJUHH +RQ 6HFUHWDU\ 6WHSKHQ &RUQV +RQ 7UHDVXUHU 5REHUW 5XVVHOO +RQ $XGLWRU -XOLDQ *URQRZ +RQ (GLWRU 6LPRQ :KLOG 0DJD]LQH FRQWHQW VXEPLVVLRQV (PDLO VLPRQZKLOG#DRO FRP &RPPLWWHH 0HPEHUV *UDKDP $VWRQ -XOLDQ %RZQ 'HE %URRN -RKQ &KRZQ $QG\ 0RWWHUVKHDG 5HEHFFD 5LFH 7LP 5RZH DQG 3DXO :KLWHKHDG

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

7KH 2OG 7HWWHQKDOOLDQ $ /HWWHU IURP WKH 3UHVLGHQW 'HDU 7HWWHQKDOOLDQV Â²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Â·V IHOORZV 3UHVLGHQW *UDKDP )RXONHV

7KH LPPHGLDWH SRVW ZDU \HDUV ZHUH DXVWHUH LQ WHUPV RI IRRG UDWLRQLQJ DQG SRZHU FXWV EXW WKHVH GLIILFXOW WLPHV WDXJKW PH WR DSSUHFLDWH WKH WKLQJV LQ OLIH WKDW DUH RI UHDO DFFRXQW 7KH FHQWUDO KHDWLQJ DW WKH &ROOHJH ZDV UXGLPHQWDU\ DQG TXLWH LQHIILFLHQW Â² ZLQWHUV OLNH WKH KDUVK RQH RI ZHUH FROG DQG EOHDN ,Q VSLWH RI WKLV , KDYH IRQG DQG ZDUP PHPRULHV RI P\ \HDUV DW 7 & $IWHU OHDYLQJ WKH &ROOHJH , HQWHUHG WKH IDPLO\ EXVLQHVV 7KH 3DWHQW %RUD[ &RPSDQ\ /WG LQ 7LSWRQ Â²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Â· &OXE ZKLFK KDV EHHQ LQ H[LVWHQFH VLQFH , ZRXOG OLNH WR WKDQN WKH 2 7 &RPPLWWHH IRU QRPLQDWLQJ PH IRU WKLV SRVLWLRQ DQG ORRN IRUZDUG WR PHHWLQJ DV PDQ\ RI \RX DV SRVVLEOH GXULQJ P\ \HDU RI 3UHVLGHQF\ :LWK EHVW UHJDUGV WR ROG DQG QHZ IULHQGV *UDKDP )RXONHV

7KH 2OG 7HWWHQKDOOLDQ $ 0HVVDJH IURP WKH &KDLUPDQ RI &RPPLWWHH 2OG 7HWWHQKDOOLDQVÂ· &OXE 'HDU 2OG 7HWWHQKDOOLDQV

&KDLUPDQ RI WKH &RPPLWWHH 3HWHU 3LQJUHH

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Â² ZK\ QRW SXW \RXUVHOI IRUZDUG :H ROGHU PHPEHUV FDQQRW NHHS JRLQJ IRUHYHU DQG QHZ EORRG LV QHHGHG &RQWDFW PH E\ (PDLO SHWHSLQJUHH#\DKRR FR XN RU DOWHUQDWLYHO\ ZULWH WR PH DW :LQGHUPHUH 5RDG 7HWWHQKDOO :ROYHUKDPSWRQ :9 '/ :LWK EHVW ZLVKHV 3HWHU 3LQJUHH &KDLUPDQ RI &RPPLWWHH

7KH 2OG 7HWWHQKDOOLDQ :KHUH DUH WKH\ QRZ"

(PLO\ %ULGJHZRRG

:RUNLQJ DV D QXUVH LQ :ROYHUKDPSWRQ DQG DW WKH WLPH RI ZULWLQJ LV JHWWLQJ PDUULHG WR 7UXDQ &RWKH\ +HDG %R\ ZKR LV FXUUHQWO\ DERXW WR REWDLQ KLV WHDFKLQJ TXDOLILFDWLRQ (PLO\ ZULWHV Â´:H KDYH WZR GRJV DQG ZH DUH YHU\ KDSS\ Âµ 27VÂ· :HGGLQJ 27VÂ· :HGGLQJ 7KH PDUULDJH RI (PLO\ %ULGJHZRRG 7 & DQG 7UXDQ &RWKH\ 7 & WRRN SODFH DW $OO +DOORZV &KXUFK 6RXWK &HUQH\ *ORXFHVWHUVKLUH RQ 6DWXUGD\ VW -XO\ 7KH EULGHVPDLGV LQFOXGHG (PLO\Â·V VLVWHUV -HVVLFD 7 & DQG $OLFH DQG WKH %HVW 0DQ ZDV $QGUHZ 6KDZ 7 &

3HWHU %UHQWQDOO $IWHU OHDYLQJ 7 & 3HWHU ZDV DSSUHQWLFHG LQ 6WUXFWXUDO (QJLQHHULQJ IRU \HDUV +H ZULWHV Â´3RVLWLRQV LQ YDULRXV HQJLQHHULQJ ILUPV IROORZHG DQG , EHFDPH 7HFKQLFDO DVVRFLDWH LQ WKHQ FKLHI (QJLQHHU LQ ,QGXVWULDOLVHG %XLOGLQJ 3URMHFWV EHWZHHQ DQG , WKHQ ZHQW WR +RQJ .RQJ DV 5HVLGHQW 3DUWQHU LQ D FRQVXOWLQJ FLYLO VWUXFWXUDO HQJLQHHULQJ ILUP DQG LQ EHFDPH VHQLRU SDUWQHU UHVSRQVLEOH IRU WKH FRQVWUXFWLRQ RI PDQ\ KLJK ULVH EXLOGLQJV LQ +RQJ .RQJ 0DFDX 0DOD\VLD DQG &KLQD , UHWLUHG WR WKH 8. LQ GXH WR P\ ZLIHÂ·V LOO KHDOWK EXW VKH GLHG LQ DQG , QRZ OLYH LQ UHWLUHPHQW LQ :DQWDJH 2[IRUGVKLUH Âµ

6DUD &RUN *UDGXDWHG IURP &DUGLII 8QLYHUVLW\ ZLWK D VW FODVV KRQRXUV GHJUHH LQ %LRPHGLFDO VFLHQFHV ZLWK 3K\VLRORJ\ ZKHUH VKH ZDV DZDUGHG WKH 0 - :RRVWHU 0HPRULDO 3UL]H LQ KHU VHFRQG \HDU IRU WKH KLJKHVW DFKLHYLQJ VHFRQG \HDU VWXGHQW 6KH ZDV DOVR DZDUGHG WKH 3K\VLRORJLFDO 6RFLHW\ 3UL]H IRU DFKLHYLQJ WKH KLJKHVW PDUNV LQ ERWK KHU ILQDO \HDU H[DPLQDWLRQV DQG ILQDO \HDU GLVVHUWDWLRQ Â² DV ZHOO DV DFKLHYLQJ WKH KLJKHVW PDUNV RYHU DOO WKUHH \HDUV DW &DUGLII 6KH LV FXUUHQWO\ VSHQGLQJ WLPH RQ KHU IDPLO\ IDUP ZKLOH VKH FRQVLGHUV KHU QH[W FDUHHU PRYH /LOOLH &RUH :HQW WR WKH 8QLYHUVLW\ RI %DWK WR GR &KHPLFDO (QJLQHHULQJ DQG DW WKH WLPH RI ZULWLQJ ZDV DZDLWLQJ KHU ILQDO UHVXOWV 'XULQJ KHU FRXUVH /LOOLH GLG D SODFHPHQW \HDU ZLWK %ULWLVK 1XFOHDU )XHOV %1)/ DOWKRXJK VKH QRZ SODQV WR SXW KHU GHJUHH WR RWKHU XVHV ,Q 6HSWHPEHU VKH ZLOO EH VWDUWLQJ D PDQDJHPHQW VFKHPH ZLWK /LGO DOWKRXJK VKH VD\V WKDW WKLV SRVLWLRQ ZLWK /LGO ZLOO HQDEOH KHU WR XVH KHU NQRZOHGJH RI *HUPDQ DQG EHFRPH PDQDJHU ZLWKLQ D \HDU RI WR VWRUHV 6KH VD\V Â´,W LV D ELW RI D ULVN DQG , KRSH %ULDQ &KHXQJ LW JLYHV PH D QHZ VHQVH RI GLUHFWLRQ ,V FXUUHQWO\ DWWHQGLQJ DQ 2FFXSDWLRQDO EXW LI DOO HOVH IDLOV WKHUH LV DOZD\V D MRE LQ 7KHUDS\ FRXUVH DW %UXQHO 8QLYHUVLW\ LQ WKH QXFOHDU LQGXVWU\ IRU PH Âµ /RQGRQ

/LOOLH &RUH

7KH 2OG 7HWWHQKDOOLDQ 7RQ\ &RUNLQGDOH ,V FXUUHQWO\ ZRUNLQJ LQ %LUPLQJKDP DV D VHQLRU XQGHUZULWHU ZLWK $YLYD VSHFLDOLVLQJ LQ FRPPHUFLDO SURSHUW\ DQG OLDELOLW\ LQVXUDQFH $IWHU \HDUV RQ WKH FOXE FLUFXLW 7RQ\ KDV ILQDOO\ UHWLUHG IURP SOD\LQJ FULFNHW HYHQ WKRXJK KH ZDV VHOHFWHG IRU WKH 6KURSVKLUH /HDJXH 7HDP DW WKH Â´ULSH ROG DJH RI Âµ +H LV QRZ FRQFHQWUDWLQJ KLV VSRUWLQJ SURZHVV RQ JROI DW WKH %ULGJQRUWK *ROI FOXE DQG DOVR SOD\V WDEOH WHQQLV LQ WKH :ROYHUKDPSWRQ DQG 'LVWULFW /HDJXH )LUVW 'LYLVLRQ ZLWK DQRWKHU 2 7 %ULDQ 6DJH 6WHSKHQ )LHOG TXDOLILHG DV D &KDUWHUHG $FFRXQWDQW LQ WKH Â¶ V DQG KDV EHHQ ZRUNLQJ LQ WKH PRWRU WUDGH IRU WKH SDVW \HDUV +H LV FXUUHQWO\ *URXS 2SHUDWLRQV 'LUHFWRU IRU :HVWODQGV 7R\RWD +H KDV RQH VRQ -RQDWKDQ ZKR LV DW WKH HQG RI KLV VHFRQG \HDU DW &DUGLII 8QLYHUVLW\ 6WHSKHQ UH PDUULHG LQ DQG QRZ OLYHV LQ WKH YLOODJH RI +DUWOHEXU\

$OH[ )X *DLQHG KLV %(QJ )URP WKH 8QLYHUVLW\ RI %DWK DQG KLV 06F )URP .LQJV &ROOHJH /RQGRQ DQG QRZ OLYHV DQG ZRUNV LQ /RQGRQ DV D 4XDOLW\ $VVXUDQFH $QDO\VW +H DOVR ZRUNV IRU DQ RQOLQH IDVKLRQ FRPSDQ\ FDOOHG ZZZ DVRV FRP -RKQ *DOODJKHU &XUUHQWO\ OLYLQJ DQG ZRUNLQJ LQ 1HZ =HDODQG DV D 3URVSHFW 0DQDJHU 4XDQWLW\ 6XUYH\RU -RKQ KDV EHHQ WKHUH \HDUV QRZ LV PDUULHG ZLWK WZR FKLOGUHQ -HVVLFD DQG -DFRE PRQWKV -RKQ ZULWHV Â´,Â·P HQMR\LQJ WKH ZD\ RI OLIH 6WLOO LQ FRQWDFW ZLWK 5DFK 0DQLVWL -HUHP\ +LOO DQG /RXLVH (YDQV $OVR PDQDJHG WR WUDFN GRZQ (G -RKQVRQ LQ 6\GQH\ Âµ 3KLOLS *LOPDQ LV PDUULHG DQG LV DQ RSWRPHWULVW ZLWK )OLQW DQG 3DUWQHUV :ROYHUKDPSWRQ 'HERUDK +DUGPDQ :LOVRQ VWDII

'HERUDK ZULWHV Â´:HOO , GHFLGHG WKDW ZRXOG EH D JUHDW DJH WR UHWLUH DW VR , GLG $V D UHVXOW P\ KXVEDQG DQG , DQG VRPHWLPHV WKH FDW VSHQG D JRRG GHDO RI WLPH LQ RXU PRWRUKRPH ORRNLQJ DW RWKHU SDUWV RI WKH FRXQWU\ :H DOVR VSHQG IRXU ZHHNV HDFK \HDU RQ WKH FDQDO LQ D QDUURZERDW ZKLFK ZH SDUW RZQ 7KHQ MXVW WR WRS LW RII ZH VSHQG WKH ZLQWHU RXW RI WKH 8. VRPHZKHUH ZDUP /LIHÂ·V JRRG Âµ -RKQ -HURPH -RKQ ZULWHV Â´$IWHU OHDYLQJ 7HWWHQKDOO &ROOHJH , MRLQHG WKH 5R\DO $LU )RUFH DV D 1XUVLQJ 2UGHUO\ DW &RVIRUG +RVSLWDO 2Q GHPRE , ZHQW WR $YRQFURIW $JULFXOWXUDO &ROOHJH , WKHQ ZRUNHG RQ IDUPV DV D VWXGHQW XQWLO , MRLQHG WKH 3LJ ,QGXVWU\ 'HYHORSPHQW $XWKRULW\ 3 , ' $ , KDYH QRZ EHHQ UHWLUHG IRU \HDUVÂµ

2Q WKHLU UHWXUQ MRXUQH\ WKH\ KDG D QLJKW VWRS RYHU LQ +RQJ .RQJ ZKHUH WKH\ KDG D UHXQLRQ GLQQHU ZLWK 27V 'RPLQLF 'RUD &KDQ $QG\ &KHXQJ (ULF &KRL DQG (PLO\ &KHXQJ ,W ZDV VR JRRG WR VHH WKHP DOO DIWHU \HDUV DQG D ZRQGHUIXO HYHQLQJ ZDV VSHQW FDWFKLQJ XS ZLWK QHZV DERXW IDPLO\ DQG WKHLU VXFFHVVIXO FDUHHUV 0DUJDUHW DQG %RE KDYH EHHQ LQYLWHG WR (ULF &KRLÂ·V ZHGGLQJ RQ )HEUXDU\ WK +RZDUG <LS .DLKR &XUUHQWO\ VWXG\LQJ IRU D GHJUHH LQ 6FLHQFH DQG 7HFKQRORJ\ DW +RQJ .RQJ 8QLYHUVLW\ DQG KRSHV WR JUDGXDWH LQ

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

0HORG\ /HXQJ 0HORG\ VD\V Â´, OHIW 7 & LQ -XO\ ZHQW EDFN +RQJ .RQJ IRU PRQWKV DQG WKHQ IOHZ WR 6ZLW]HUODQG WR VWDUW P\ QHZ XQLYHUVLW\ OLIH , DP GRLQJ D +RVSLWDOLW\ GHJUHH LQ 6+06 6ZLVV +RWHO 0DQDJHPHQW 6FKRRO 0\ XQLYHUVLW\ LV ORFDWHG XS RQ WKH PRXQWDLQ DQG WKH YLHZ LV DPD]LQJ )RU DFKLHYLQJ WKH GHJUHH ZH QHHG WR GR WZR KDOI D \HDU LQWHUQVKLS /DVW \HDU , ZRUNHG LQ D KRWHO DQG UHVWDXUDQW LQ WKH )UHQFK VSHDNLQJ SDUW RI 6ZLW]HUODQG DV )RRG DQG EHYHUDJH VHUYHU DQG KRXVHNHHSLQJ WUDLQHH ,W ZDV QRW HDV\ EXW DW WKH HQG , OHDUQHG VR PXFK HVSHFLDOO\ WKH LPSURYHPHQW RI P\ )UHQFK VSHDNLQJ VNLOOV &XUUHQWO\ , DP GRLQJ P\ VHFRQG LQWHUQVKLS LQ WKH 8 6 $ LQ RQH RI WKH :DOW 'LVQH\ :RUOG 5HVRUWV DV )URQW 'HVN , ORYH WKH MRE DQG ORYH ZRUNLQJ IRU WKH FRPSDQ\ LW LV GHILQLWHO\ ZKDW , ZRXOG OLNH WR GR LQ WKH IXWXUH Âµ

7KH 2OG 7HWWHQKDOOLDQ

/L /L *UDGXDWHG IURP &DPEULGJH 8QLYHUVLW\ LQ IROORZHG E\ 0,7 DQG FXUUHQWO\ ZRUNV IRU *ROGPDQ 6DFKV LQ /RQGRQ $QGUHZ 0LOOLJDQ VWDII (QMR\HG D RQFH LQ D OLIHWLPH H[SHULHQFH HDUO\ WKLV \HDU ZKHQ KH ZHQW RQ DQ H[SHGLWLRQ WR WKH 6RXWK $WODQWLF 2Q ERDUG KLV VKLS 0 6 ([SHGLWLRQ ZDV D IHOORZ 2 7 *RUGRQ 6WLUUDW ZKR LV D YHU\ HPLQHQW PDQ LQ WKH PHGLFDO ILHOG %U\DQ 2OLYHU ,V FXUUHQWO\ HQMR\LQJ KLV UHWLUHPHQW LQ WKH &RWVZROGV ZKHUH KH LV D PHPEHU RI VHYHUDO FKRLUV DQG OHDGV ZDONLQJ KROLGD\V *HRIIUH\ 3XJK *HRIIUH\ ZULWHV Â´$IWHU D OLIHWLPHÂ·V FRPPLWPHQW WR WKH QDWLRQ FKDQJLQJ ZRUN RI 0RUDO 5H $UPDPHQW QRZ FDOOHG ,QLWLDWLYHV RI &KDQJH ZKLFK WRRN PH DQG P\ WKHQ ZLIH DQG GDXJKWHU IRU ORQJ \HDUV LQ ,WDO\ ,QGLD $XVWUDOLD DQG WKH 8QLWHG 6WDWHV ZH HQGHG XS LQ FKDUJH RI D FRQIHUHQFH FHQWUH LQ &KHVKLUH 1RZ RXU KRPH LV LQ D 6XVVH[ YLOODJH ZKHUH ZH KDYH WDNHQ RQ UHVSRQVLELOLWLHV LQ WKH FRPPXQLW\Â« LQ WKH YLOODJH FKXUFK DQG LQ FRQWLQXDWLRQ RI RXU OLIHÂ·V ZRUN DFURVV 6XVVH[ 9LVLWRUV DOZD\V ZHOFRPH Âµ 0LFKDHO 6FKXOW] $WWHQGHG KLV IRUPHU *HUPDQ VFKRRO LQ /HLS]LJ *HUPDQ\ XQWLO -XO\ WR GR KLV *HUPDQ $ OHYHOV FDOOHG Â´$ELWXUÂµ

+H WKHQ ZHQW WR 2[IRUG IRU ZHHNV LQ +H VD\V Â´)ROORZLQJ WKLV , GLG P\ DOWHUQDWLYH FLYLOLDQ VHUYLFH ZKHUH , ZRUNHG DV D GULYHU IRU D FDU SRRO , KDYH KDG WR GR WKLV ZLWK KDQGLFDSSHG FKLOGUHQ IURP 6XPPHU XQWLO 6HSWHPEHU ,Q 2FWREHU , VWDUWHG WR VWXG\ LQGXVWULDO HQJLQHHULQJ DQG PDQDJHPHQW DW )UHLEHUJ 8QLYHUVLW\ RI 0LQLQJ DQG 7HFKQRORJ\ ZKLFK LV WKH ROGHVW XQLYHUVLW\ RI PLQLQJ DQG PHWDOOXUJ\ LQ WKH ZRUOG 6LQFH $SULO , KDYH EHHQ VWXG\LQJ 0HFKDQLFDO (QJLQHHULQJ IRU PLQLQJ PDFKLQHV Âµ $QWKRQ\ 6KULYH 6SHQW \HDUV LQ WKH UDFLQJ SURIHVVLRQ KDYLQJ EHHQ OLJKWZHLJKW MRFNH\ WR WKH 4XHHQ GXULQJ WKH V 'XGOH\ 6KULYH 6SHQW \HDUV UXQQLQJ KLV RZQ HQJLQHHULQJ IDEULFDWLRQ FRPSDQ\ %HFRPLQJ VHPL UHWLUHG KH WKHQ VSHQW \HDUV DV D PHQWRU IRU WKH 3ULQFHÂ·V 7UXVW ZKHUH KH DVVLVWHG SHRSOH WR VWDUW WKHLU RZQ EXVLQHVVHV -DPHV 6QHOVRQ 6SHQW D FDUHHU LQ IDUPLQJ IURP WR DOWKRXJK VXIIHUHG D VWURNH LQ DQG VLQFH WKHQ LQ KLV RZQ ZRUGV KH KDV GRQH Â´QRW D ORWÂ« H[FHSW JHW EHWWHUÂµ +H KDV WZR VRQV 0DUN DQG &UDLJ ERWK RI ZKRP DWWHQGHG WKH &ROOHJH

-LPP\ 7VXL DQG 0DQG\ &KDQ

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Â´HQJDJHGÂµ -LPP\ FXUUHQWO\ ZRUNV IRU 6DQPLQD 6&, DV $VVLVWDQW 0DQDJHU RI 7HVW (QJLQ 'HSDUWPHQW 'DYLG :DOOH\ :RUNHG RQ WKH IDPLO\ IDUP QHDU &RYHQ XQWLO LW ZDV VROG LQ 'DYLG WKHQ HQWHUHG WKH DQLPDO IHHG EXVLQHVV VSHFLDOLVLQJ LQ SLJ IDUPLQJ DV DQ $FFRXQW 0DQDJHU ZKHUH KH GHDOW ZLWK VDOHV RI IRRG WR IDUPV LQ WKH 0LGODQGV DQG HOVHZKHUH $W WKH 6WDIIV &RXQW\ 6KRZ KHOG LQ 0D\ 'DYLG UHFHLYHG D 6WDIIRUGVKLUH DQG %LUPLQJKDP $JULFXOWXUDO 6RFLHW\ /RQJ 6HUYLFH $ZDUG LQ $JULFXOWXUH

7KH 2OG 7HWWHQKDOOLDQ 7LP :HEE ,V PDUULHG WR &DWK ZLWK WZR GDXJKWHUV (YH DQG *LQD 7LP FXUUHQWO\ OLYHV LQ :HVW <RUNVKLUH DQG ZRUNV LQ %UXVVHOV IRU GD\V HDFK ZHHN DV 'LUHFWRU RI (GXFDWLRQ IRU D OHDGLQJ PHGLFDO GHYLFHV FRPSDQ\ $IWHU OHDYLQJ 7 & 7LP REWDLQHG D GHJUHH LQ (FRQRPLFV DQG )UHQFK DQG \HDUV ODWHU REWDLQHG DQ 0 % $ &KDUOHV :HLJKW $W LV WKH ROGHVW OLYLQJ 2 7 >8QOHVV VRPHRQH NQRZV DQ\RQH ROGHU Â²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Â´Â«KDG WR ZLGHQ WKH RIILFH GRRU Âµ EHIRUH KLV UHWLUHPHQW LQ 3HWHU KDV WZR GDXJKWHUV DQG WKUHH JUDQGFKLOGUHQ DQG KDV UH PDUULHG IROORZLQJ KLV GLYRUFH LQ ,Q KLV UHWLUHPHQW KH HQMR\V VDLOLQJ UXJE\ EULGJH FRDVWDO SDWK ZDONLQJ DQG PXFK PRUH 3HWHU DVNV Â´'RHV DQ\RQH NQRZ DQ\WKLQJ DERXW 5RGQH\ $QGUHZ Â² VXUJHRQ GRFWRU 9DQFRXYHU"Âµ 3HWHU FDQ EH FRQWDFWHG DW SHWHUZHVWZRRG#WLVFDOL FR XN 1LNL :LQDUWR WR 5HFHQWO\ JUDGXDWHG IURP 1RUWKHDVWHUQ 8QLYHUVLW\ %RVWRQ 86$ PDMRULQJ LQ )LQDQFH DQG (QWUHSUHQHXUVKLS +H LV FXUUHQWO\ ZRUNLQJ DV D )L[HG ,QFRPH 3ULFLQJ $QDO\VW DW %URZQ %URWKHUV +DUULPDQ DQG &R %%+ WKH ROGHVW DQG ODUJHVW SULYDWHO\ KHOG EDQN LQ WKH 8 6 1LNL VD\V Â´7 & KDV RSHQHG XS PDQ\ SDWKV LQ P\ OLIH 7KH XQLTXH WHDFKLQJ FXOWXUH KDV VKDUSHQHG P\

OHDGHUVKLS WHDPZRUN DQG FUHDWLYH VNLOOV Âµ +H FDQ EH FRQWDFWHG DW QLNL ZLQDUWR#EEK FRP )ORULDQ :ROI +DV QRZ UHWXUQHG WR KLV QDWLYH *HUPDQ\ DQG FXUUHQWO\ KDV RQH PRUH \HDU DW WKH Â´*\PQDVLXPÂµ ZKHUH KH ZLOO VLW KLV ILQDO H[DPLQDWLRQ WKH Â´$UELWXUÂµ LQ $SULO +H VD\V Â´,VVXHV OLNH WLPH PDQDJHPHQW DQG SULYDWH VWXG\ ZHUH HDVLHU IRU PH WKDQ IRU RWKHU VWXGHQWV KHUH LQ *HUPDQ\ , IRXQG LW HDV\ WR XVH P\ Â´IUHH SHULRGVÂµ VWXG\ SHULRGV IRU SUHS DQG VWXG\ , WKLQN WKLV LV GXH WR P\ \HDU DW 7HWWHQKDOO &ROOHJH ZKHUH , OHDUQHG KRZ WR SODQ DQG RUJDQL]H P\ WLPH HIILFLHQWO\ Âµ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Â·V PXVLF VFKRODUVKLS IRU WKUHH \HDUV ,Q (ULF UHFRUGHG Â´3DJDQ 0RRQÂµ ZLWK -DFTXHV /RXVVLHU $ JLIWHG PXVLFLDQ DV KH LV (ULF KDV QRW FKRVHQ D SDWK WR EHFRPH D SURIHVVLRQDO SLDQLVW EXW WR HQWHU WKH ZRUOG RI ILQDQFH $IWHU JUDGXDWLQJ IURP :DUZLFN (ULF MRLQHG .30* /RQGRQ DQG EHFDPH D FKDUWHUHG DFFRXQWDQW +LV ZRUNLQJ H[SHULHQFH LQ /RQGRQ LQFOXGHG WKH (QJOLVK 1DWLRQDO 2SHUD DV 0DQDJHPHQW $FFRXQWDQW /OR\GV 76% DV 3ODQQLQJ 0DQDJHU ,Q (ULF ZDV KHDGKXQWHG WR MRLQ +6%& +RQJ .RQJ

,Q (ULF GHFLGHG WR TXLW KLV EDQNLQJ FDUHHU DQG UHWLUHG DW WKH DJH RI 2Q WKH VLGH KH VWDUWHG WR UXQ YDULRXV EXVLQHVVHV LQFOXGLQJ KLV RZQ PXVLF VFKRRO Â´,O FRQFHUWRÂµ D PDK MRQJ FOXE DQG WZR ERRNVKRSV ,Q (ULF ZDV FRQIHUUHG WKH Â´%HVW 7HDFKHU $ZDUG +RQJ .RQJÂµ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Â²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Â·V KRXVH DQG :LWK P\ ZLIH , SDLG P\ RQH DQG RQO\ XS YHU\ FOHDUO\ , ZDV EURXJKW XS WR ZHUH DFFHVVHG IURP D VWDLUZD\ OHDGLQJ RII UHWXUQ YLVLW WR WKH 8 . LQ WR YLVLW GDWH ZLWK D JRRG GHDO RI LQIRUPDWLRQ , WKH GLQLQJ URRP 6FRWWLVK UHODWLYHV EXW WLPH GLGQÂ·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Â· KRPH LQ P\ VLQFHUH UHJDUGV WR KLP WKH URDG DQG OLYHG LQ D KRXVH DGMRLQLQJ &RGVDOO 5RDG , PXVW KDYH EHHQ DURXQG WHQ \HDUV ROG WKH 6RXWK 6WDIIV *ROI &RXUVH , GLG WZR , GRQÂ·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Â² VRPHWKLQJ KH KDG GRQH DW D VLPLODU DJH LQ WKH HDUO\ V 6R IRU WKH SULQFHO\ VXP RI Â&#x2026; , OHIW IRU $XVWUDOLD DQG UHJDUG WKDW DV WKH EHVW Â&#x2026; , HYHU VSHQW , VWLOO UHPHPEHU PXFK DERXW WKH GDLO\ URXWLQH DQG WKH GLIILFXOW WLPHV GXULQJ :: 5HJUHWIXOO\ , QHYHU PDLQWDLQ DQ\WKLQJ PRUH WKDQ FDVXDO DFTXDLQWDQFHVKLSV ZLWK IRUPHU VFKRRO IULHQGV DQG , UHFRQQHFWHG ZLWK 5RQ :LONLQV SUREDEO\ EHFDXVH KH ZDV WKH &ROOHJH &KHVV 7HDP

7KH 2OG 7HWWHQKDOOLDQ

7 & 6FRXW 7URRS -XO\

FRXQWU\ LI WKHUH DUH DQG WKH SRVVLELOLW\ RI RUJDQLVLQJ D UHXQLRQ PLJKW EH GLIILFXOW LQ YLHZ RI GLVWDQFHV :H KDYH OLYHG RQ WKH 0RUQLQJWRQ 3HQLQVXOD VLQFH ZKLFK H[WHQGV VRXWK IURP WKH FLW\ RI 0HOERXUQH DQG IRUPV WKH HDVWHUQ ERXQGDU\ RI 3RUW 3KLOOLS %D\ , GRQÂ·W VHH PXFK PHQWLRQ LQ WKH DOXPQL QHZV RI PDQ\ RI P\ FRQWHPSRUDULHV WKRXJK GLG QRWLFH D SKRWR RI WKH 6DJH IDPLO\ 'HUHN 6DJH ZDV D FRQWHPSRUDU\ RI PLQH 2QH JRRG IULHQG DQG FRQWHPSRUDU\ Â² VDGO\ QR ORQJHU ZLWK XV Â² 5RQ :LONLQV ZKR WRJHWKHU ZLWK KLV ZLIH DQG GDXJKWHU VSHQW D GD\ ZLWK XV MXVW D FRXSOH RI \HDUV EHIRUH KLV GHDWK , KDYH MXVW ILQLVKHG UHDGLQJ 7KH +LVWRU\ RI 7HWWHQKDOO &ROOHJH E\ 6LPRQ :KLOG 0DWDGRU Â&#x2026; :KDW DQ DPD]LQJ VWRU\ , KDG DEVROXWHO\ QR LGHD ZKDW D SUHFDULRXV OLIH WKH &ROOHJH KDG LQ LWV HDUOLHU \HDUV ,W UHDGV OLNH D WKULOOHU , DP RI FRXUVH IDPLOLDU ZLWK WKH SHULRG RI P\ WLPH WKHUH IURP EXW VWLOO PDQDJHG WR OHDUQ D ORW DERXW HYHQ WKHVH \HDUV ,Q WKH OLVWLQJ RI WKRVH ZKR GLHG LQ :: , QRWH WKH QDPH RI /3 )LGJLQ ZKR ZDV WKH KHDG SUHIHFW IRU P\ ILUVW 7 & WHUP ,Q WKRVH GD\V ZH DVVHPEOHG LQ WKH ROG Â¶%LJ 6FKRROÂ· DQG WKH KHDG SUHIHFW UHDG RXW D UROO FDOO DQG ZKHQ \RXU QDPH ZDV FDOOHG \RX UHVSRQGHG ZLWK Â¶DGÂ· VKRUW IRU Â¶DGVXPÂ· :H XVHG WR OLQH XS LQ WKH ORQJ FRUULGRU UHG FRUULGRU" ERWK IRU DVVHPEO\ DQG ODWHU IRU PHDOV , VWDUWHG DV D GD\ ER\ DQG RQO\ EHFDPH D GD\ ERDUGHU ZKHQ , EHFDPH D SUHIHFW DQG ZDV UHTXLUHG WR VXSHUYLVH KRPHZRUN VHVVLRQV DIWHU WHD , ZRQGHU LI WKH &ROOHJH ZRXOG FRQVLGHU LQFOXGLQJ RQ WKH ZHEVLWH SKRWRV RI WKH EXLOGLQJ LQWHULRUV DV WKH\ DUH QRZ , ZRXOG ORYH WR VHH SKRWRV RI WKH FKDSHO GLQLQJ URRP FXUUHQW OLEUDU\ 7RZHUV WKHDWUH HWF

:LWK *RRJOH (DUWK , FDQ QRZ YLHZ WKH &ROOHJH EXLOGLQJV IURP DERYH DQG HYHQ JOLPSVH LQVLGH WKH TXDGUDQJOH YLD WKH VWUHHW FDPHUD YLHZ 9LHZLQJ 7HWWHQKDOO +LJK 6WUHHW YLD WKH VWUHHW FDPHUD WKDW *RRJOH HPSOR\V LV IDVFLQDWLQJ Â²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

-RKQ 6KDZ ZULWHV :H HPLJUDWHG WR 1HZ =HDODQG DIWHU , UHWLUHG LQ WR MRLQ WZR GDXJKWHUV DQG QRZ IRXU JUDQGFKLOGUHQ , KDYH WZR VRQV DQG WZR JUDQGGDXJKWHUV VWLOO LQ WKH 8 . 1HZ =HDODQG LV D IDQWDVWLF FRXQWU\ ZKHUH QHDUO\ HYHU\RQH OLYHV FORVH WR WKH VHD RU ODUJH ODNHV /RZ SRSXODWLRQ EHDXWLIXO EHDFKHV DQG LQ $XFNODQG PLOG ZHDWKHU LQ ERWK VXPPHU DQG ZLQWHU $V RQH 8 . YLVLWRU SXW LW Â´QRW DQRWKHU EORRG\ EHDXWLIXO YLHZ Âµ ,Â·YH EHHQ DFWLYH LQ OHIW ZLQJ SROLWLFV XQWLO %HLQJ D VPDOO FRXQWU\ WKHUH LV TXLFN SURPRWLRQ IURP HQYHORSH VWXIIHU LI \RX VKRZ DQ\ LQLWLDWLYH 1HZ =HDODQG KDYLQJ D JRRG UHSUHVHQWDWLYH SDUOLDPHQW RZLQJ WR LWV PRGHUQ HOHFWRUDO V\VWHP IHOW YHU\ VXSHULRU RYHU WKH UHFHQW VKHQDQLJDQV LQ :HVWPLQVWHU ,Â·P QRZ WUHDVXUHU RI WKH 1HZ =HDODQG $VVRFLDWLRQ RI 5DWLRQDOLVWV DQG +XPDQLVWV SURPRWLQJ WKH FDXVH RI WKH XQJRGO\

7KH 2OG 7HWWHQKDOOLDQ 7KH +HDGPDVWHUV RI 7HWWHQKDOO &ROOHJH $V PDQ\ 2OG 7HWWHQKDOOLDQV PD\ EH DZDUH WKH &OXE KDV UHFHQWO\ SUHVHQWHG WKH &ROOHJH ZLWK D SODTXH FRPPHPRUDWLQJ DOO SDVW +HDGPDVWHUV LQFOXGLQJ LQFRPLQJ QHZ +HDGPDVWHU 0U 0DUW\Q /RQJ 7KH 2OG 7HWWHQKDOOLDQ PDJD]LQH WKRXJKW WKDW WKLV ZDV D JRRG WLPH WR ORRN EDFN RYHU WKH &ROOHJHÂ·V QHDUO\ RQH KXQGUHG DQG ILIW\ \HDUV RI OLIH DW DOO WKH +HDGPDVWHUV WKDW KDYH VHUYHG WKH VFKRRO VR ZHOO

$OH[DQGHU :DXJK <RXQJ 0 $

2Q VW $XJXVW 7HWWHQKDOO &ROOHJH RU 7HWWHQKDOO 3URSULHWDU\ 6FKRRO DV LW ZDV FDOOHG WKHQ ILUVW RSHQHG LWV JDWHV 7KH IOHGJOLQJ &ROOHJH WKHQ D VLQJOH VH[ VFKRRO IRU ER\V FRQVLVWHG RI WKH +HDGPDVWHU 7KH 5HY 5REHUW +DOOH\ 0 $ ILIWHHQ ER\V DQG D FRZ WR SURYLGH PLON ,Q WKRVH HDUO\ GD\V WKH ER\V OLYHG ZLWK WKH WHDFKLQJ VWDII LQ WKH EXLOGLQJ WKDW ODWHU EHFDPH WKH +HDGPDVWHUÂ·V +RXVH ZKLFK WRGD\ LV NQRZQ DV Â´7KH 2OG +RXVHÂµ DQG LV VDGO\ QRZ RXW RI WKH &ROOHJHÂ·V RZQHUVKLS 0U +DOOH\ NQRZQ WR KLV SXSLOV DV Â´2OG %REÂµ EHJDQ DV KH PHDQW WR JR RQ E\ LQWURGXFLQJ DQ DOPRVW PLOLWDU\ GLVFLSOLQH $W WKH HQG RI WKH VFKRRO GD\ WKH FXVWRP ZDV IRU WKH +HDGPDVWHU WR VWDQG E\ KLV GHVN ZHDULQJ DQ ROG IDGHG PRUWDU ERDUG DQG D YHU\ VKRUW WRUQ JRZQ ZKLOH WKH ER\V ILOHG RXW WKH +HDG %R\ JRLQJ ILUVW DQG VR RQ XQWLO WKH ODVW VPDOO ER\Â·V WXUQ FDPH HDFK RQH VKDNLQJ KDQGV ZLWK 0U +DOOH\

7KLV VRUW RI UHJLPH PD\ VHHP D OLWWOH KDUVK E\ PRGHUQ VWDQGDUGV EXW LW ZDV SDU IRU WKH FRXUVH LQ WKHVH PLG 9LFWRULDQ WLPHV %XW WKLQJV ZHUHQÂ·W DOO ULJLG GLVFLSOLQH WKRXJK 7KHUH ZHUH UHJXODU ZDONV WR $OEULJKWRQ ZKHUH LW ZDV 2OG %REÂ·V FXVWRP WR WDNH WKH ER\V WR 7RPNLQVÂ· VZHHW VKRS DQG EX\ ELVFXLWV WRIIHH RU EXOOV H\HV IRU HYHU\RQH $IWHU 0U +DOOH\Â·V GHSDUWXUH LQ $OH[DQGHU :DXJK <RXQJ 0 $ EHFDPH +HDGPDVWHU DQG XVKHUHG LQ ZKDW Â´7KH 7HWWHQKDOOLDQÂµ UHIHUV WR DV WKH Â´*ROGHQ $JHÂµ 7KLV ZDV PDLQO\ GXH WR KLJK DFDGHPLF DFKLHYHPHQWV EXW DOVR WR 0U <RXQJÂ·V VWURQJ OHDGHUVKLS 'LVFLSOLQH ZDV ILUP DQG \HW EDVHG RQ NLQGQHVV DQG D JHQXLQH DIIHFWLRQ IRU WKH ER\V Â´:H \RXQJVWHUV Âµ ZURWH RQH RI KLV SXSLOV Â´ZHUH RI FRXUVH YHU\ PXFK LQ DZH RI KLP :K\ , FDQQRW VD\ DV WKRXJK KH ZDV D VSOHQGLG GLVFLSOLQDULDQ LW ZDV KLV NLQGOLQHVV WKDW PDGH WKH GHHSHVW LPSUHVVLRQ XSRQ PH Âµ 0U <RXQJ ZDV DQ LPSUHVVLYH ILJXUH ZKR ORRNHG HYHU\ LQFK WKH +HDGPDVWHU WKDW KH ZDV +H HVWDEOLVKHG D VWURQJ WUDGLWLRQ RI WHOOLQJ WKH WUXWK DPRQJ KLV ER\V DQG LW ZDV YHU\ UDUH IRU ER\V QRW WR RZQ XS WR PLVGHPHDQRXUV Âµ ,Q 7KH %RDUG RI 'LUHFWRUV DV WKH\ ZHUH WKHQ GHVFULEHG 0U <RXQJÂ·V VHUYLFHV LQ WKHLU DQQXDO UHSRUW WR VKDUHKROGHUV DV Â´,19$/8$%/(Âµ WKHLU FDSLWDOV ,W ZDV DOVR GXULQJ 0U <RXQJÂ·V WLPH WKDW WKH 2OG 7HWWHQKDOOLDQV &OXE ZDV IRXQGHG DORQJ ZLWK Â´7KH 7HWWHQKDOOLDQÂµ DQG Â´2OG 7HWWHQKDOOLDQÂµ PDJD]LQHV ,Q 0U <RXQJ DQQRXQFHG KLV UHWLUHPHQW DW WKH DJH RI DQG ZDV VXFFHHGHG E\ \HDU ROG -RKQ +DPSWRQ +D\GRQ 0 $ 'HVSLWH KLV UHODWLYH \RXWK 0U +D\GRQ DOORZHG QR VODFNHQLQJ RI WKH VFKRRO GLVFLSOLQH HVWDEOLVKHG E\ 0U <RXQJ 7KHUH DUH YDULRXV PHQWLRQV LQ Â´7KH 7HWWHQKDOOLDQÂµ RI KRZ PDQ\ VWDII DQG ER\V DOLNH UHJDUGHG 0U +D\GRQ DV VRPHWKLQJ RI D VODYHGULYHU :KLOVW DIWHUQRRQV ZHUH VHW DVLGH IRU H[WUD FXUULFXODU DFWLYLWLHV WKLV ZDV PRUH WKDQ PDGH XS IRU LQ WKH HYHQLQJ ZKHQ ER\V KDG WR HQGXUH DW OHDVW WKUHH KRXUV H[WUD FODVVZRUN :KLOVW WKHUH ZDV QR /RZHU 6FKRRO LQ WKRVH GD\V WKH IRXQGDWLRQV IRU WKLV LQVWLWXWLRQ ZHUH VHW LQ SODFH E\ WKH LQWURGXFWLRQ RI D Â´MXQLRU GHSDUWPHQWÂµ WR SUHSDUH \RXQJHU ER\V IRU VHQLRU ZRUN 0U +D\GRQ DOVR SODFHG JUHDW YDOXH RQ VSRUW DQG WHDP JDPHV LQ SDUWLFXODU UHDVRQLQJ WKDW WKH Â´WHDP VSLULWÂµ VWRRG DV WKH EDFNERQH RI %ULWDLQÂ·V OHDGHUVKLS RI WKH PHUFDQWLOH ZRUOG SUHYDOHQW DW WKLV WLPH

7KH 2OG 7HWWHQKDOOLDQ 'XULQJ 0U +D\GRQÂ·V WLPH WKHUH ZDV D GHILQLWH DLU RI KL MLQNV DERXW &ROOHJH OLIH :KLOVW 0U +D\GRQÂ·V ILUP GLVFLSOLQH UHPDLQHG XQZDYHULQJ WKH ER\V RIWHQ OLJKWHQHG WKH ORDG E\ QXPHURXV HVFDSDGHV WKDW RIWHQ PXVW KDYH EHHQ REVHUYHG E\ WKH +HDGPDVWHUÂ·V EOLQG H\H 2QH VXFK WKLQJ ZDV WKH SUDFWLFH DW WKH HQG RI WHUP WR REVHUYH 8QEXWWRQ 2QH 'D\ 7KLV WRRN SODFH RQ WKH IRXUWK 6XQGD\ EHIRUH WKH HQG RI WHUP DQG RQ WKLV GD\ HDFK ER\ ZHQW DERXW ZLWK WKH ERWWRP EXWWRQ RI KLV ZDLVWFRDW XQGRQH 7KH QH[W 6XQGD\ ZDV 8QEXWWRQ 7ZR 'D\ DQG WKH ODVW EXW RQH 6XQGD\ ZDV &RFNHG +DW GD\ DW ZKLFK WLPH HYHU\ ER\ KDG WR ZHDU KLV FDS RQ WKH VLGH RI KLV KHDG 7KH ODVW 6XQGD\ RI DOO ZDV . ' GD\ Â² .LFN 'RRU GD\ 7KH XQRIIHQGLQJ GRRU ZDV WKDW OHDGLQJ LQWR WKH JDOOHU\ DW 4XHHQ 6WUHHW &KDSHO LQ :ROYHUKDPSWRQ :KDW WKH FRQJUHJDWLRQ VHDWHG EHORZ WKRXJKW RI WKLV FXVWRP DV HDFK ER\ NLFNHG DW WKH GRRU RQ KLV ZD\ LQWR WKH JDOOHU\ ZKHUH WKH ER\V DOZD\V VDW LV QRW UHFRUGHG ZKLFK LV SHUKDSV MXVW DV ZHOO 'HVSLWH WKH JRRG ZRUN RI 0U +D\GRQ WKH &ROOHJHÂ·V ILQDQFHV ZHUH IORXQGHULQJ DQG LQ Â´'DQJHU %LOOÂµ DV KH ZDV DIIHFWLRQDWHO\ NQRZQ WHQGHUHG KLV UHVLJQDWLRQ +H ZDV UHSODFHG LQ E\ 5LFKDUG /HVWHU $JHU 0 $ ZKR DW LV FXUUHQWO\ WKH \RXQJHVW +HDGPDVWHU WR KDYH EHHQ DSSRLQWHG DW WKH &ROOHJH 'XULQJ 0U $JHUÂ·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Â·V EHVW HIIRUWV WKH &ROOHJHÂ·V DLOLQJ ILQDQFHV QHDUO\ EURXJKW DQG HQG WR HYHU\WKLQJ DQG LW ZDV FOHDU WKDW WKH %RDUG RI 'LUHFWRUV DV WKH\ ZHUH WKHQ FRXOG QRW JLYH WKH +HDGPDVWHU WKH VXSSRUW KH QHHGHG VR LQ KH WHQGHUHG KLV UHVLJQDWLRQ $IWHU D VKRUW VSHOO ZLWK +RUDFH 3HDUVRQ DV $FWLQJ +HDGPDVWHU WKH %RDUG DSSRLQWHG \HDU ROG $OIUHG + $QJXV %6F ) 5 * 6 WR WKH WRS VORW LQ 0U $QJXV ZDV D WDOO FKDULVPDWLF PDQ RI JUHDW FKDUP ZLW DQG EXVLQHVV DFXPHQ +H LQKHULWHG WKH KHDGPDVWHUVKLS DW D

$OIUHG + $QJXV %6F ) 5 * 6

WLPH RI JUDYH ILQDQFLDO FULVLV DQG VHW DERXW UHYHUVLQJ WKLV VLWXDWLRQ LPPHGLDWHO\ E\ HPSOR\LQJ WKH UHQRZQHG Â´$QJXV FKDUPÂµ WR SHUVXDGH &ROOHJH VRPH FUHGLWRUV WR Â´IRUJLYHÂµ WKH VFKRROÂ·V GHEWV 1RW RQO\ WKLV 0U $QJXV ZDV D PDVWHU DW FKDUPLQJ SURVSHFWLYH SDUHQWV HVSHFLDOO\ WKH PRWKHUV DQG DV D UHVXOW QXPEHUV DW WKH &ROOHJH EHJDQ WR ULVH GUDPDWLFDOO\ IURP WKHLU DOO WLPH ORZ RI LQ $ ILUP EHOLHYHU LQ JRRG 3UHVV 5HODWLRQV 0U $QJXV VHW DERXW PDNLQJ VXUH WKDW WKH &ROOHJH IHDWXUHG LQ HYHU\ NLQG RI PHGLXP DYDLODEOH DW WKDW WLPH $V ZDV WKH &ROOHJHÂ·V ILIWLHWK DQQLYHUVDU\ WKH +HDGPDVWHU KHOSHG RUJDQLVH ODYLVK FHOHEUDWLRQV DOO RI ZKLFK IHDWXUHG IXOO\ LQ WKH SUHVV $OO RI WKLV GULYH DQG HQWKXVLDVP SURYHG WR EH D VKRW LQ WKH DUP IRU WKH &ROOHJH ILQDQFHV DQG WKHUH LV OLWWOH GRXEW WKDW WKH +HDGPDVWHUÂ·V EXVLQHVV VHQVH KHOSHG WKH &ROOHJH FRQYHUW IURP D -RLQW 6WRFN FRPSDQ\ WR WKH 7UXVW WKDW KDV HQGXUHG WR WKLV GD\ ,W IROORZV WKDW D PDQ RI 0U $QJXVÂ· FKDULVPD ZRXOG EH D VWURQJ RUDWRU DQG WKHUH LV OLWWOH GRXEW WKDW WKH SDFNHG WR FDSDFLW\ KRXVHV KH JHQHUDWHG LQ FKXUFK VHUYLFHV ERWK DW WKH &ROOHJH &KDSHO DQG HOVHZKHUH KHOSHG WKH &ROOHJH LPPHQVHO\ 7KH +HDGPDVWHU ZDV DOVR IRQG RI WDNLQJ WKH ER\V RII RQ ODYLVK WULSV WR WKH EULJKW OLJKWV RI /RQGRQ DQG DOO RI WKLV OHG WR KLJK PRUDOH DQG HYHQ KLJKHU DFDGHPLF DFKLHYHPHQWV +RZHYHU WKH VWUDLQV RI

VWHHULQJ WKH &ROOHJH WKURXJK WKH PXUN\ WLPHV RI WKH )LUVW :RUOG :DU KDG WDNHQ LWV WROO RQ 0U $QJXV DQG LQ KH WHQGHUHG KLV UHVLJQDWLRQ FODLPLQJ LW ZDV Â´WLPH IRU QHZ EORRG Âµ 7KH WUHPHQGRXV DFKLHYHPHQWV PDGH LQ 0U $QJXVÂ· WLPH DV +HDGPDVWHU ZHUH GHVFULEHG E\ VRPH DV Â´PLUDFXORXV Âµ ,Q 3HUF\ : 'D\ 0 $ EHFDPH WKH QHZ +HDGPDVWHU RI 7HWWHQKDOO &ROOHJH 8QIRUWXQDWHO\ KH ODFNHG WKH FKDULVPD RI KLV SUHGHFHVVRU DQG ZKLOH KLV DFDGHPLF DFKLHYHPHQWV ZHUH PDQ\ KH ZDV QRW WKH FRQVXPPDWH PDUNHWHU WKDW 0U $QJXV KDG EHHQ $W D WLPH ZKHQ WKH FRXQWU\Â·V HFRQRPLF IRUWXQHV ZHUH IRUFLQJ &ROOHJH QXPEHUV GRZQ LW UHDOO\ QHHGHG 0U $QJXVÂ·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

7KH 2OG 7HWWHQKDOOLDQ Â² WKH SUHGHFHVVRU RI ZKDW DUH QRZ WKH 'ULYH DQG /RZHU 6FKRROV 'HVSLWH WKLV 0U 'D\ UHVLJQHG KLV SRVW LQ DIWHU RQO\ WZR \HDUV FLWLQJ SHUVRQDO UHDVRQV :KLOVW KH LV RIWHQ UHJDUGHG DV WKH &ROOHJHÂ·V RQO\ Â´ZHDNÂµ +HDGPDVWHU PD\EH WKLV MXGJHPHQW LV D OLWWOH KDUVK DV KH QHYHU UHDOO\ KDG HQRXJK WLPH WR VKRZ KLV IXOO TXDOLW\

+RUDFH 3HDUVRQ ) 5 * 6

%\ +RUDFH 3HDUVRQ ) 5 * 6 KDG VSHQW VHYHQ \HDUV DW (OWKDP &ROOHJH DIWHU OHDYLQJ 7HWWHQKDOO LQ $IWHU 0U 'D\Â·V GHSDUWXUH WKH &RXQFLO RI *RYHUQRUV ORVW QR WLPH LQ VXPPRQLQJ KLP EDFN WR EHFRPH +HDGPDVWHU 'HVSLWH WKH IDFW WKDW KH KDG QR GHJUHH PDQ\ IHOW TXLWH ULJKWO\ DV LW WXUQHG RXW WKDW KH ZDV WKH RQO\ PDQ IRU WKH MRE ,W ZDV 0U 3HDUVRQ VDLG Â´D VXPPRQV , GDUH QRW UHIXVH Âµ 6R 0U 3HDUVRQ ZDVWHG QR WLPH LQ SODFLQJ KLV RZQ VWDPS RQ WKLV VFKRRO ,PPHGLDWHO\ WKLQJV EHJDQ WR FKDQJH 7KH IRRG LPSURYHG EXW ER\V ZHUH QRW HQFRXUDJHG WR ZDVWH LW 3UHIHFWVÂ· WDQQLQJV GLVDSSHDUHG EXW WKH +RXVH WLPHWDEOH ZRUNHG WR WKH KDOI PLQXWH 5HFDOLWUDQWV LQ JHRJUDSK\ FODVVHV DQG HOVHZKHUH UHFHLYHG Â´ORYH WDSVÂµ RU Â´ZUDWK WDSVÂµÂ« GUHVV UHJXODWLRQV ZHUH PRGHUQLVHGÂ« UXJJHU LQWHUHVW LQ FLYLO DIIDLUV WKH WRQH RI WKH 6FKRRO DOO IORXULVKHG +LV RZQ OLQH ZDV FRPPRQ VHQVH ILQH RUJDQLVDWLRQ DQG D UHPDUNDEOH UHDGLQHVV WR WU\ RXW QHZ LGHDV 0U 3HDUVRQ VXFFHVVIXOO\ VWHHUHG WKH &ROOHJH WKURXJK WKH *UHDW 'HSUHVVLRQ Â² D WLPH ZKHQ PDQ\ RWKHU VLPLODU VFKRROV ZHUH IDOOLQJ OLNH IOLHV +H ZDV VXFFHVVIXO LQ UDOO\LQJ 7HWWHQKDOOLDQV

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Â·V WLPH ZHUH XVXDOO\ FKDUDFWHULVHG E\ WKHLU JRRG PDQQHUV E\ WKHLU VHQVH RI UHVSRQVLELOLW\ DQG E\ WKHLU VHOI FRQILGHQFH $IWHU 0U 3HDUVRQÂ·V UHWLUHPHQW WKH SRVLWLRQ RI +HDGPDVWHU ZHQW WR )UHGHULFN 'RXJODV )LHOG +\GH 0 $ LQ ,Q FRQWUDVW WR KLV SUHGHFHVVRU WKH QHZ +HDGPDVWHU ZDV DXWRFUDWLF LQ QDWXUH D PDQ ZKR FRPPDQGHG UHVSHFW DV ZHOO DV IHDU $ FRQVXPPDWH PXVLFLDQ KH DOVR KDG D WDOHQW IRU Â´IL[LQJÂµ WKLQJV WKDW KDG JRQH ZURQJ DQG IHZ ZKR ZHUH SDVVHQJHUV LQ KLV EDWWHUHG ROG )RUG HYHU IRUJRW WKH H[SHULHQFH LQ D KXUU\ 0U )LHOG +\GH ZDV DOVR DQ RXWVWDQGLQJ VFKRODU LQ KLV ILHOG RI ODQJXDJHV EXW GHVSLWH WKLV GHYRWHG D ORW RI KLV WLPH WR LPSURYLQJ WKH VFKRRO IDFLOLWLHV 0U )LHOG +\GH ZLOO DOVR EH UHPHPEHUHG IRU FKDPSLRQLQJ WKH FDXVH RI DFTXLULQJ 7KH 7RZHUV Â² DQ DFKLHYHPHQW WKDW WUDQVIRUPHG WKH &ROOHJHÂ·V IRUWXQHV LPPHDVXUDEO\ 7KH +HDGPDVWHU DOVR VXFFHHGHG LQ EHFRPLQJ D PHPEHU RI WKH +HDGPDVWHUÂ·V &RQIHUHQFH Â² D PRYH WKDW RIILFLDOO\ UHFRJQLVHG 7HWWHQKDOO &ROOHJH DV 3XEOLF 6FKRRO $IWHU 0U )LHOG +\GHÂ·V UHWLUHPHQW LQ :LOOLDP -RKQ 'DOH 0 $ WRRN KLV SODFH DV +HDGPDVWHU 9HU\ PXFK D PDQ RI KLV WLPH 0U 'DOH VHW DERXW WUDQVIRUPLQJ WKH &ROOHJH LQWR PRUH WKH VRUW RI &ROOHJH ZH NQRZ WRGD\ 0U 'DOH VXFFHHGHG LQ PDNLQJ WKH &ROOHJH FR HGXFDWLRQDO Â² D FKDQJH WKDW VDYHG WKH VFKRRO IURP FHUWDLQ FORVXUH 2WKHU VLJQLILFDQW DFKLHYHPHQWV LQFOXGHG WKH RSHQLQJ RI WKH 'ULYH 6FKRRO DQG WKH LQWURGXFWLRQ RI D FDQWHHQ V\VWHP 'LVFLSOLQH DW WKH &ROOHJH KDG DVVXPHG D VOLJKWO\ PRUH OLEHUDO WRQH XQGHU 0U 'DOH EXW DFDGHPLF DFKLHYHPHQW FRQWLQXHG WR LPSURYH $V WLPH PRYHG

RQ 0U 'DOH VWHHUHG WKH &ROOHJH LQWR WKH WHFKQRORJLFDO UHYROXWLRQ EXW LQ KH GHFLGHG WKDW QHZ EORRG ZDV QHHGHG DQG LW ZDV WLPH WR UHWLUH 'U 3HWHU &KDUOHV %RGNLQ %6F 3K' ZDV WKDW QHZ EORRG )URP WKH PRPHQW KH VHW IRRW LQVLGH WKH &ROOHJH JDWHV KH VHW DERXW UHYROXWLRQLVLQJ WKH VFKRRO IDFLOLWLHV E\ PDVWHUPLQGLQJ WKH GHYHORSPHQW RI DQ LQ FDPSXV 'ULYH 6FKRRO DQG D QHZ /RZHU 6FKRRO 7KH &ROOHJH FRPSXWHU V\VWHPV ZHUH YDVWO\ LPSURYHG DV ZHUH OLEUDU\ IDFLOLWLHV VFLHQFH IDFLOLWLHV JDPHV IDFLOLWLHV Â² LQFOXGLQJ D JUHDWO\ LPSURYHG 6ZLPPLQJ 3RRO $IWHU VL[WHHQ \HDUV DW WKH KHOP 'U %RGNLQÂ·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Â·V 6FKRRO 7\QHPRXWK 0RXQW 6W 0DU\Â·V &ROOHJH 6KHIILHOG 7HWWHQKDOO &ROOHJH :LQGVRU +LJK 6FKRRO +DOHVRZHQ 2XQVGDOH +LJK 6FKRRO :RPERXUQH Â² DQG ILQDOO\ EDFN WR 7HWWHQKDOO &ROOHJH 7KH 2OG 7HWWHQKDOOLDQ PDJD]LQH DV ZHOO DV DOO 2OG 7HWWHQKDOOLDQV ZLVKHV 0U /RQJ HYHU\ VXFFHVV LQ KLV QHZ SRVLWLRQ DV +HDGPDVWHU 0RUH LQIRUPDWLRQ RQ WKH +HDGPDVWHUV RI 7HWWHQKDOO &ROOHJH FDQ EH IRXQG LQ 7KH +LVWRU\ RI 7HWWHQKDOO &ROOHJH E\ 6LPRQ :KLOG 0DWDGRU DYDLODEOH IURP $PD]RQ FR XN

7KH 2OG 7HWWHQKDOOLDQ 2OG 7HWWHQKDOOLDQ &OXE )XQFWLRQV 5HPHPEUDQFH 6XQGD\ 7KH FKDSHO ZDV ZHOO DWWHQGHG IRU ODVW \HDUÂ·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

/RQGRQ 'LQQHU 5HXQLRQ HYHQWV WRRN SODFH ERWK DW WKH &ROOHJH DQG LQ /RQGRQ GXULQJ 7KH /RQGRQ HYHQW WRRN SODFH DW WKH 7UDIDOJDU 5RRP DW WKH 9LFWRU\ 6HUYLFHV &OXE 6H\PRXU 6WUHHW DQG ZDV D ZHOO DWWHQGHG HYHQLQJ

7LP 5RZH 'RW 6WRQH 'LDQD &RUQV *UDKDP $VWRQ DQG 3DP 6KHH

*UDKDP $VWRQ *UDKDP )RXONHV 9LFH 3UHVLGHQW 3HWHU %RGNLQ +HDGPDVWHU 3DXO :KLWHKHDG DQG 3HWHU 3LQJUHH

'LDQD &RUQV &KULV :ULJKW 6LPRQ /RJDQ 3HWHU 3LQJUHH DQG 3DP 6KHH 3UHVLGHQW 3HWHU %RGNLQ +HDGPDVWHU 3DXO :KLWHKHDG DQG 3HWHU 3LQJUHH

$QQXDO 5HXQLRQ $V XVXDO WKH 5HXQLRQ 'LQQHU ZDV KHOG LQ WKH 7RZHUV 7KHDWUH DQG ZDV ZHOO DWWHQGHG 7KHUH ZHUH VSHHFKHV E\ 'U $ 5 0RWWHUVKHDG DQG +HDGPDVWHU 'U 3 %RGNLQ ERWK RI ZKRP ZHUH DERXW WR GHSDUW WKH &ROOHJH 2XWJRLQJ 2OG 7HWWHQKDOOLDQ 3UHVLGHQW 'HE %URRN DOVR JDYH WULEXWH WR 'UV %RGNLQ DQG 0RWWHUVKHDG LQ KHU ILQDO VSHHFK EHIRUH KDQGLQJ RYHU WKH RIILFH RI 3UHVLGHQW WR *UDKDP )RXONHV

3HWHU &DVVLG\ 7LP &R[ 'DYH :DWVRQ 0LNH 'DYLHV 1DWDVKD 3ULFH *LXVHSSH &RUEHOOL *HRII +DQFRFN DQG .LHWK *UDQW 3HDUFH 1HZ 9LFH 3UHVLGHQW .HLWK *UDQW 3HDUFH DQG -RKQ &KRZQ

7KH 2OG 7HWWHQKDOOLDQ

3HWHU 3LQJUHH -RKQ &KRZQ 6LPRQ :KLOG *HRII +DQFRFN .HLWK *UDQW 3HDUFH DQG &KULV /OR\G

$QG\ 0RWWHUVKHDG RXWJRLQJ 3UHVLGHQW 'HE %URRN QHZ 3UHVLGHQW *UDKDP )RXONHV DQG 3HWHU %RGNLQ

.HLWK *UDQW 3HDUFH 6WHYH DQG &KDUOHV *RUGRV DQG -RKQ %DWHV

'HEELH +DUGPDQ :LOVRQ -HVVLFD DQG (PLO\ %ULGJHZRRG 7UXDQ &RWKH\ DQG /LQGD +RUGHQ

7KH HYHQLQJ ZDV URXQGHG RII LQ WKH XVXDO ZD\ ZLWK PHPEHUV OLQJHULQJ WR FKDW RYHU ROG WLPHV DQG FDWFKLQJ XS RQ RQH DQRWKHUÂ·V OLYHV DIWHU HQMR\LQJ DQ H[FHOOHQW GLQQHU $IWHU DQ H[FHOOHQW &KDSHO VHUYLFH DQG OXQFK LQ WKH 3DYLOLRQ FRXUWHV\ RI WKH +HDGPDVWHU RQ WKH IROORZLQJ GD\ WKH WUDGLWLRQDO FULFNHW QHWEDOO DQG KRFNH\ PDWFKHV ZLWK WKH &ROOHJH SOD\LQJ WKH 2 7 WHDPV 7KHVH UHVXOWHG LQ D GUDZ IRU WKH KRFNH\ PDWFK ZKLOVW WKH &ROOHJH EHDW WKH 2 7 V DW QHWEDOO ZLWK WKH SOD\HU RI WKH PDWFK EHLQJ &DWKHULQH *RXJK

&ROOHJH VW ;, DQG 2 7 WHDP *UDKDP )RXONHV 2 7 3UHVLGHQW LQ IURQW URZ

3KRWRJUDSKV E\ 6WHSKHQ &RUQV

&ROOHJH DQG 2 7 Â·V +RFNH\ 7HDP *URXS

.HOO\ 3DWHUVRQ 7 & KROGV WKH -RKQ 'DOH WURSK\ 3OD\HUV RI WKH PDWFK DUH FRXQW\ SOD\HUV &KORH 0F,QWRVK DQG 6RSKLH -RQHV ERWK LQ <HDU DW WKH &ROOHJH

7KH 2OG 7HWWHQKDOOLDQ 2OG 7HWWHQKDOOLDQ *ROI 6RFLHW\

2XU &DSWDLQ -RKQ 'RYH ZULWHV Â´0\ WZR \HDU VWLQW DV &DSWDLQ EHJDQ ZKHQ , ZDV YRWHG LQ DW WKH $QQXDO *HQHUDO 0HHWLQJ KHOG DW (QYLOOH LQ 2OG 7HWWHQKDOOLDQV *ROI 6RFLHW\ 2FWREHU DQG FRPPHQFHG 5HSRUW IRU ZLWK WKH DQQXDO PDWFK DJDLQVW 2[OH\ :DQGHUHUV RQ WK $SULO DW 6RXWK 7KH *ROI 6RFLHW\ FRQWLQXHV WR WKULYH DQG 6WDIIV *ROI &OXE ZKHQ ZH SOD\ D EDOO HQMR\ H[FHOOHQW JROI RQ TXDOLW\ FRXUVHV EHWWHU EDOO FRPSHWLWLRQ DQG LQ JUHDW FRPSDQ\ Â´, KDYH WR DGPLW WKDW P\ FDSWDLQF\ GLG :H HQGHG RXU \HDU LQ ZLWK D UHWXUQ QRW JHW RII WR DQ DXVSLFLRXV VWDUW :LWK D E\ SRSXODU UHTXHVW WR (QYLOOH *ROI &OXE 7KH IL[WXUH ZDV DWWHQGHG E\ PHPEHUV SULRU FRPPLWPHQW SUHYHQWLQJ PH IURP SOD\LQJ , GHFLGHG WKDW LI WLPH SHUPLWWHG ZKR HQMR\HG KROHV RI FRPSHWLWLYH , ZRXOG GHVFHQG RQ WKH FRXUVH WDNH DQG HQMR\DEOH JROI 7KH PRUQLQJ KROH WHDP 6WDEOHIRUG URXQG RYHU WKH +LJKJDWH D EXJJ\ DQG VSHHG WR HDFK PDWFK Â´%DOOHVWHURV VW\OHÂµ LQ RUGHU WR RIIHU FRXUVH ZDV ZRQ E\ 3KLOLS -HQQLQJV VXSSRUW DQG HQFRXUDJHPHQW WR HDFK 6LPRQ 3DUU 7RQ\ &RUNLQGDOH ZLWK SRLQWV LQ VHFRQG SODFH ZHUH -RKQ 'RYH SDLULQJ $ODV WKLV WDFWLF IDLOHG UDWKHU VSHFWDFXODUO\ DV RQ P\ DUULYDO IRXU RI 'DYLG /\FHWW *HRII +RSNLQVRQ RQ WKH 2 7 VÂ·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Â´7KH QH[W HYHQW ZDV WKH Â¶-HZHO LQ WKH RXU QH[W &DSWDLQ 7KH ILQDO RI WKH 5RVH 6RFLHW\Â·V &URZQÂ· L H WKH WZR GD\ %RZO .QRFN 2XW FRPSHWLWLRQ ZKLFK LV 6SULQJ PHHWLQJ RQ WK WK $SULO RQ UXQ WKURXJKRXW WKH VXPPHU ZDV SOD\HG WZR FUDFNLQJ FRXUVHV LQ /DQFDVKLUH DQG EHWZHHQ ,DLQ 6HLYHZULJKW DQG ,DQ :DUG ZLWK WKH ODWWHU EHLQJ YLFWRULRXV :H DZDUG D WURSK\ IRU *ROIHU RI WKH <HDU ,Q WKLV ZDV ZRQ E\ 0LNH 3DUU ZKR MXVW HGJHG RXW 5RJHU $VKWRQ

0HUVH\VLGH QDPHO\ 2UPVNLUN DQG )RUPE\ %RWK YHQXHV ZHUH E\ SRSXODU GHPDQG DPRQJVW RXU PHPEHUV EHLQJ UHYLVLWHG DIWHU KXJHO\ HQMR\DEOH DQG VXFFHVVIXO HYHQWV WKHUH LQ SUHYLRXV \HDUV Â´7KH TXDOLW\ DQG UHSXWDWLRQ RI ERWK FRXUVHV HQFRXUDJHG D KHDOWK\ FRQWLQJHQW RI PHPEHUV WR PDNH WKH MRXUQH\ DQG DWWHQGHG WR SOD\ D WHDP JDPH RYHU KROHV LQ WKH PRUQLQJ DW 2UPVNLUN IROORZHG E\ D IXOO LQGLYLGXDO 6WDEOHIRUG URXQG LQ WKH DIWHUQRRQ ,Q WKH PRUQLQJ \RXU &DSWDLQ DEO\ DVVLVWHG E\ 0DUN :DLQZULJKW DQG ,DQ +ROODQG ZRQ WKH 7HDP SUL]H ZLWK D VFRUH RI SRLQWV 7KH UXQQHUV XS ZHUH 3DXO :KLWHKHDG 5RJHU $VKWRQ DQG 1LFN 3DUU ZLWK SRLQWV Â´,Q WKH DIWHUQRRQ WKH ,QGLYLGXDO 6WDEOHIRUG FRPSHWLWLRQ ZDV ZRQ E\ 1LFN 3DUU ZLWK D VFRUH RI SRLQWV IROORZHG E\ 0DUN :DLQZULJKW RQ SRLQWV ZKR HGJHG RXW 5RE +ROODQG LQWR WKLUG SODFH DOVR ZLWK SRLQWV RQ WKH EDFN $OO DJUHHG WKDW WKH FRXUVH RQFH DJDLQ KDG OLYHG XS WR H[SHFWDWLRQV

5RJHU $VKWRQ DQG +LSSR )RUPE\ *ROI &OXE

0LNH 3DUU UHFHLYLQJ *ROIHU RI WKH <HDU DZDUG IURP WKH QHZ &DSWDLQ -RKQ 'RYH DW (QYLOOH *ROI &OXE

27*6 DW )RUPE\ *ROI &RXUVH

7KH 2OG 7HWWHQKDOOLDQ Â´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Â·V 3UL]H ZDV 3KLO -HQQLQJV ZLWK D ZRUWK\ SRLQWV DQG QRW VXUSULVLQJO\ KH DOVR ZRQ WKH SUL]H IRU WKH %HVW *URVV 7KH UXQQHU XS ZLWK SRLQWV ZDV ,DQ :DUG DQG LQ WKLUG SODFH EHDWHQ RQ WKH EDFN DOVR ZLWK SRLQWV ZDV 6WHSKHQ &RUQV Â´$Q LQQRYDWLRQ WKLV \HDU LQ WUXH Â¶7HVW 0DWFK 6SHFLDOÂ· IDVKLRQ ZDV WKH &DSWDLQÂ·V DZDUG RI D ERWWOH RI FKDPSDJQH WR KRQRXU HDFK GD\Â·V PHPRUDEOH Â¶&KDPSDJQH 0RPHQWÂ· )RU IRUJHWWLQJ KLV ZDWHUSURRIV IRU ZKLFK KH KDG WR UHWXUQ KRPH WR JHW WKHP DQG QRW RQFH EXW WZLFH KLWWLQJ KLV DSSURDFK VKRW RQWR WZR FRQVHFXWLYH JUHHQV ZKLOVW WKH WKUHH EDOO DKHDG ZHUH SXWWLQJ RXW WKH 2UPVNLUN DZDUG ZHQW WR *HRII +RSNLQVRQ 7KH DZDUG DW )RUPE\ ZHQW WR 6WHSKHQ &RUQV IRU EHLQJ WKH RQO\ PHPEHU WR VFRUH DW OHDVW RQH SRLQW DW HYHU\ KROH Â² D UHPDUNDEOH DFKLHYHPHQW RQ D GD\ ZKHQ PDQ\ PHPEHUV LQFOXGLQJ \RXUV WUXO\ ZHUH VLPSO\ EORZQ DZD\ Â´7KH QH[W HYHQW LQ WKH \HDU ZDV WKH FRPSHWLWLRQ IRU WKH )UDQN 9HUQRQ &XS WUDGLWLRQDOO\ SOD\HG IRU DW 6RXWK 6WDIIV *ROI &OXE RQ WKH 7KXUVGD\ EHIRUH WKH $QQXDO 5H 8QLRQ ZHHN HQG LQ -XQH 7KLV LV RSHQ WR DOO JROILQJ 2OG 7HWWHQKDOOLDQV EXW VDGO\ LW LV UDUHO\ DWWHQGHG E\ DQ\RQH RXWVLGH WKH 6RFLHW\ 7KLV \HDUÂ·V HYHQW ZDV GRPLQDWHG E\ D PDVWHUIXO GLVSOD\ RI DZHVRPH KLWWLQJ E\ KDQGLFDSSHU 0LNH -RQHV +H JRW RII WR D ZRQGHUIXO VWDUW FDUGLQJ ELUGLHV LQ KLV ILUVW KROHV LQFOXGLQJ RQH DW WKH \DUG SDU IRXU UG KROH ZKHUH KH DOPRVW GURYH WKH JUHHQ 'HVSLWH D VOLJKW ZREEOH RYHU WKH EDFN QLQH KH ILQLVKHG ZLWK D *URVV 1HW WR EHDW 0LNH 3DUUÂ·V 1HW E\ VWURNHV %XUQL &DPELGJH ZDV WKLUG ZLWK D 1HW EHDWLQJ .HQ :KLWHKRXVH DOVR ZLWK D RQ WKH EDFN $V -DFN 1LFNODXV PLJKW KDYH VDLG Â¶+H SOD\V D JDPH WR ZKLFK WKH UHVW RI XV DUH XQDFFXVWRPHGÂ· Â´7KH ILQDO IL[WXUH EHIRUH JRLQJ WR SUHVV ZDV WKH DQQXDO IL[WXUH DJDLQ DW 6RXWK

6WDIIV DJDLQVW RXU ROG DGYHUVDULHV WKH 2OG :XOIUXQLDQV ZKRVH SUHVLGHQW WKLV \HDU VRPHZKDW XQXVXDOO\ LV RXU RZQ 6WHSKHQ &RUQV $OWKRXJK D VWURQJ WHDP RQ SDSHU KDG EHHQ FXQQLQJO\ DVVHPEOHG LW GLG QRW SUHYHQW WKH 6RFLHW\ JRLQJ GRZQ WR LWV VHFRQG VXFFHVVLYH GHIHDW DJDLQ E\ WKUHH PDWFKHV WR WZR 7KH 6RFLHW\Â·V RQO\ ZLQQHUV ZHUH 5RG 6HLYHZULJKW DQG 7RQ\ &RUNLQGDOH WKH ODWWHU SUHVHUYLQJ KLV UHFRUG 'HVSLWH EHLQJ WZR XS ZLWK WZR WR SOD\ WKH &DSWDLQ DQG 0D[ 6HLYHZULJKW FRXOG RQO\ KDOYH WKHLU PDWFK DQG WKH UHPDLQLQJ KDOI SRLQW ZDV VHFXUHG E\ ,DQ :DUG DQG 'HQQLV %HGGRZV 2QFH DJDLQ WKH 6RFLHW\ ZDV XQDEOH WR ZUHVW WKH &KDOOHQJH 6KLHOG IURP WKH 2OG :XOIVÂ· JUDVS DQG VXJJHVWLRQV RQ D SRVWFDUG SOHDVH DUH XUJHQWO\ UHTXLUHG WR ILQG D ZLQQLQJ IRUPXOD IRU QH[W \HDU DQG HQDEOH WKH 6RFLHW\ WR UHJDLQ LWV EUDJJLQJ ULJKWV RQFH PRUH Âµ $W WKH &DSWDLQÂ·V VXJJHVWLRQ DQ DGGLWLRQDO Â¶)XQ 'D\Â·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

2OG 7HWWHQKDOOLDQV &OXE LQ +RQJ .RQJ 2OG 7HWWHQKDOOLDQ (ULF <XDQ VHH :KHUH DUH WKH\ 1RZ LV SURSRVLQJ D EUDQFK RI WKH 2OG 7HWWHQKDOOLDQV &OXE LQ +RQJ .RQJ WR FDWHU IRU 2 7 V OLYLQJ LQ WKH )DU (DVW DQG $XVWUDODVLD (ULF VD\V WKDW WKH REMHFWLYHV RI 27&+. DUH Â´3URPRWLQJ DQG PDLQWDLQLQJ IUDWHUQLW\ DQG IHOORZVKLS DPRQJ 2OG 7HWWHQKDOOLDQV DQG FXUUHQW 7HWWHQKDOOLDQV UHVLGLQJ LQ +RQJ .RQJ Â´0DLQWDLQLQJ UHODWLRQV ZLWK 7HWWHQKDOO &ROOHJH Â´(QKDQFLQJ 7 & V UHSXWDWLRQ DV D KLJK TXDOLW\ DOO URXQG HGXFDWLRQ HVWDEOLVKPHQW Â´%URDGHQLQJ WKH KRUL]RQV RI 2 7V QHWZRUNLQJ UHQHZ DFTXDLQWDQFHV DQG PDNH QHZ IULHQGV Â´-XVW DV ZH VWLOO YDOXH DQG WUHDVXUH RXU WLPH DW 7HWWHQKDOO &ROOHJH 2 7 V QRZ DFW DV DPEDVVDGRUV IRU WKH &ROOHJH WR VHUYH RXU FRPPXQLWLHV VXFK WKDW WKH FRUH YDOXHV ZH ZHUH WDXJKW WR WUHDVXUH PD\ EH SDVVHG IURP JHQHUDWLRQ WR JHQHUDWLRQ Âµ ,I DQ\ 2 7 V ZLVK WR MRLQ WKLV EUDQFK RI WKH &OXE SOHDVH FRQWDFW (ULF GLUHFW DW H\K HUF#\DKRR FRP KN 1DWXUDOO\ WKH 2OG 7HWWHQKDOOLDQV &OXE IXOO\ VXSSRUWV WKLV DV WKHUH DUH QRZ D YHU\ KLJK SHUFHQWDJH RI 2 7 V IURP WKH )DU (DVW DQG HYHU\RQH LV DQ[LRXV WR PDNH VXUH WKH\ GRQÂ·W IHHO OHIW RXW RI 2 7 OLIH VLPSO\ EHFDXVH RI GLVWDQFH

7KH 2OG 7HWWHQKDOOLDQ

:HHNHQG IHDWXUH LQ WKH ([SUHVV DQG 6WDU 6DWXUGD\ 1RYHPEHU

7KH 2OG 7HWWHQKDOOLDQ /LYHV 5HPHPEHUHG &KULVWRSKHU *HRUJH %D[WHU %DV -RQHV ZULWHV Â´&KULV %D[WHU GLHG VXGGHQO\ RQ KLV UG ELUWKGD\ ODVW \HDU DIWHU VSHQGLQJ DOO RI KLV OLIH LQ :ROYHUKDPSWRQ +H ZLOO EH UHPHPEHUHG DV D ODUJHU WKDQ OLIH FKDUDFWHU ZKR PDGH PDQ\ IULHQGV GXULQJ KLV OLIH DQG KDG DOZD\V KHOSHG DQ\RQH WKDW QHHGHG LW Â´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Â´+H ZDV D NHHQ VSRUWVPDQ DQG HQMR\HG KLV KRFNH\ DQG UXJE\ DV ZHOO DV KLV PHPEHUVKLS RI WKH 6FRXWV DW KLV DOPD PDWHU XQGHU WKH H[SHULHQFHG WXWHODJH RI -LP %D[WHU +H FRQWLQXHG WR EH LQYROYHG ZLWK VFRXW FDPSV DIWHU OHDYLQJ WKH &ROOHJH Â´&KULV ZDV D JRYHUQRU RI ZKDW LV QRZ FDOOHG .LQJÂ·V 6FKRRO WKH WKH 5HJLV ZKLOH KLV FKLOGUHQ DWWHQGHG LW DQG FOHDUO\ JDYH PXFK WR WKDW UROH Â´$IWHU OHDYLQJ VFKRRO &KULV MRLQHG WKH IDPLO\ EXLOGLQJ EXVLQHVV VHUYLQJ DQ DSSUHQWLFHVKLS DV D FDUSHQWHU +H VSHQW KLV 1DWLRQDO 6HUYLFH LQ WKH $UP\ DQG UHWXUQHG WR KHOS PDQDJH WKH FRPSDQ\ +H ODWHU ZHQW LQWR H[SRUWLQJ DQG NHSW ZRUNLQJ XQWLO KLV GHDWK Â´&KULV ZDV PDUULHG WR $QQHWWH IRU \HDUV KDG WZR FKLOGUHQ $QGUHZ DQG 6XVDQ IRXU JUDQGVRQV DQG D JUDQGGDXJKWHU +H ZDV D JUHDW IDPLO\ PDQ DQG VSHQW D JUHDW GHDO RI WLPH DW $EHUVRFK GXULQJ KLV OLIH HQWHUWDLQLQJ WKH IDPLO\ WKHUH DQG HQMR\LQJ ZDWHU VSRUWV $OO KLV OLIH KH MRNHG DQG HQMR\HG OLIH WR WKH IXOO +H KDG D SDVVLRQ IRU UHQRYDWLQJ ROG WUDFWRUV DQG KDG D JUHDW LQWHUHVW LQ VWHDP WUDLQV Âµ

%ULDQ +HQU\ 'RFNHUW\

7 & DQG DV D PHPEHU RI VWDII 7RQ\ &DUUROO ZULWHV Â´, UHPHPEHU %ULDQ LQ DORQJ ZLWK &UDLJ :DUG DV P\ VFKRROER\ KHURHV , ZDV D WHQ \HDU ROG LQ WKH 7 & 6ZLPPLQJ 7HDP ZKHQ WKH\ ZHUH VHQLRUV , UHPHPEHU EHLQJ WKHUH ZKHQ %ULDQ EURNH WKH OHQJWKV )UHHVW\OH UHFRUG FDPH ILUVW LQ WKH 2EVWDFOH 5DFH %UHDVWVWURNH 3OXQJH 'LYLQJ DQG ZDV 6HQLRU +RXVH &KDPSLRQ ZLWK SRLQWV ,Q IDFW LW LV UHFRUGHG LQ WKH 7HWWHQKDOOLDQ $SULO DV %ULDQ ZDV WKH KROGHU RI HYHU\ 7 & VZLPPLQJ UHFRUG Â´%ULDQ ZHQW RQ WR FRPSHWH LQ %LUPLQJKDP DQG 'LVWULFW *UDPPDU 6FKRROV 6ZLPPLQJ &KDPSLRQVKLSV DQG WKH 1DWLRQDO $ 7 & 6ZLPPLQJ &KDPSLRQVKLSV Â´,Q KH EHFDPH D VXE SUHIHFW DQG D 6HQLRU 3UHIHFW D \HDU ODWHU Â´+H DOVR SOD\HG LQ WKH SDFN IRU WKH VW ;9 7KH FRPPHQW LQ 7KH 7HWWHQKDOOLDQ DERXW %ULDQ ZDV Â¶ ZRUNHG KDUG WR JDLQ KLV SODFH DQG JDYH KLV EHVW DW DOO WLPHVÂ· Â´,Q -XO\ $7& )OW 6JW 'RFNHUW\ JDLQHG D 3URILFLHQF\ &HUWLILFDWH LQ JOLGLQJ Â´2Q OHDYLQJ 7 & KH DWWHQGHG /RXJKERURXJK 3 ( &ROOHJH WKHQ FRPSOHWHG KLV 1DWLRQDO 6HUYLFH EHLQJ VWDWLRQHG DW 6WDIIRUG +H UHWXUQHG WR /RXJKERURXJK &ROOHJH IRU KLV 'LSORPD LQ 3K\VLFDO (GXFDWLRQ DQG PDMRUHG LQ VZLPPLQJ DQG VZLPPLQJ FRDFKLQJ +H VZDP IRU /RXJKERURXJK DQG :ROYHUKDPSWRQ 6ZLPPLQJ &OXE Â´%ULDQ WKHQ UHWXUQHG WR 7 & LQ WR MRLQ /\Q -REOLQJ LQ WKH 3 ( 'HSDUWPHQW :KHQ /\Q -REOLQJ WRRN D VDEEDWLFDO \HDU LQ , ZDV LQYLWHG WR WHDFK DW 7 & EHIRUH JRLQJ WR 6W 3DXOÂ·V &ROOHJH &KHOWHQKDP ,W ZDV WKDQ WKDW %ULDQ DQG , EHFDPH JUHDW IULHQGV ,W ZDV DW 7 & KH PHW DQG PDUULHG /RXLVH 0F.HH LQ /RXLVH ZDV DW WKDW WLPH UHVSRQVLEOH IRU WKH FDWHULQJ DW 7KH &ROOHJH Â´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Â´3HWHU +ROPHV %ULDQÂ·V %HVW 0DQ DQG IULHQG VLQFH FKLOGKRRG VXPPHG XS %ULDQ DV Â´$ YHU\ FDULQJ SHUVRQ ZKR IUHHO\ JDYH KLPVHOI IRU WKH JRRG RI WKH ZLGHU FRPPXQLW\ WKURXJK KLV FDOOLQJÂµ Â´%ULDQ ZDV D JUHDW FRPPLWWHH PDQ ZLWK WKH 2 7V LQ WKH V DQG V +H ZDV D IRXQGHU PHPEHU RI WKH 2OG 7HWWHQKDOOLDQV 5XJE\ 8QLRQ )RRWEDOO &OXE 2758)& DQG DWWHQGHG HYHU\ PDWFK ZH SOD\HG UHJXODUO\ UHSRUWLQJ RXU VXFFHVVHV LQ WKH ([SUHVV 6WDU Â´0\ ODVWLQJ PHPRULHV RI %ULDQ NQRZQ WR KLV IULHQGV DV Â¶7KH 'RFÂ· Â¶+HQU\Â· DQG Â¶:HDVHOÂ· DUH KLV KDSS\ EDQWHU NLQGQHVV DQG ZHOFRPLQJ DSSURDFK WR HYHU\RQH $Q 2OG 7HWWHQKDOOLDQ RI WKH KLJKHVW FDOLEUH Âµ Â´0\ WKDQNV JR WR /RXLVH 'RFNHUW\ *HRIIUH\ +DQFRFN DQG 3HWHU +ROPHV IRU WKHLU DVVLVWDQFH LQ WKH SUHSDUDWLRQ RI WKHVH QRWHV RQ RQH RI WKH PDQ\ JUHDW 2 7V %ULDQ 'RFNHUW\ GLHG RQ WK -DQXDU\ DQG KLV IXQHUDO WRRN SODFH RQ 0RQGD\ WK -DQXDU\ DW 6W 7KRPDV RI &DQWHUEXU\ +D\ZRRG 'ULYH 7HWWHQKDOO

The Tettenhallian 2010 Editorial Team Margaret Johnson: me.johnson@tiscali.co.uk Annabelle Addison: AA@tettcoll.co.uk Simon Whild: simonwhild@aol.com Designed and Printed by George Street Press Ltd Fancy Walk Stafford ST16 3BA Tel: 01785 258226 www.georgestreetpress.co.uk Front cover: Painted silk scarf based upon the grounds of Tettenhall College by Grace Gao Year 9

Tettenhall College, Tettenhall, Wolverhampton, West Midlands WV6 8 Tel 01002 751110 Fax 01002 7 10 0 Web www.tettenhallcollege.co.uk